At the end of 2021, NFIB, working with Republican leadership, passed personal property tax relief for small business. The small business exemption was increased from $80,000 to $180,000 for industrial and commercial personal property beginning in 2023. In order to claim the exemption, small business owners must take action.
For the 2023 tax year, to claim an exemption for personal property valued at $80,000 or more but less than $180,000, Form 5076 must be filed with the local unit (City or Township) where the personal property is located no later than February 21, 2023, (postmark is acceptable) with a completed Form 632 Personal Property Statement as an attachment to Form 5076 to verify the total true cash value and assist in identifying what assets are located in the local unit.
Find more information HERE.
Find Form 5076 HERE.
Find Form 632 HERE.