If you own a small business in Michigan don't forget to file an affidavit by February 10, 2017.
Starting in 2014, Michigan law has provided for a small business exemption for personal property taxes. Under this law (MCL 211.9f), a taxpayer can claim an exemption if the total true cash value of all personal property owned by a business is less than $80.000. In order to obtain this exemption, the business must file an affidavit by February 10th every year.
Starting in 2016, in addition to the $80,000 exemption, all eligible manufacturing personal property that was purchased either before 2006, or after 2012, will be exempt. For any personal property purchased between 2006-2012, it will become exempt when it has been owned for 10 years.