For the 2019 tax year, the State of Michigan has enacted the Eligible Personal Property Exemption which now requires the exemption to only be filed once. If your business personal property assets haven’t increased above $80,000, you may be eligible for this exemption for 2019 and future tax years. You must file the Exemption Affadavit by February 20, 2019 to receive the exemption. Once granted, the exemption will remain in place until the business owner files a recession that they no longer qualify.
Contact Jellison CPA if you have any questions about this change.