If you’re a business owner in Michigan, and you’re not exempt, you’ll have to pay Personal Property tax for the furniture and equipment you own. This means you’ll have to file a Personal Property Tax Statement to let the Assessor know the value of your property.
Small Business Property Tax Exemption
To qualify for the Small Business Property Tax exemption, the true cash value of all your commercial or industrial personal property has to be less than $80,000.
Eligible Manufacturing Personal Property Exemption
Eligible Manufacturing is defined as all commercial or industrial personal property located on Occupied Real Property if that personal property is used more than 50% in industrial processing or direct integrated support.