Lt. Gov. Brian Calley and Rep. Patrick Somerville stopped by Trenton City Hall Dec. 16. to give a presentation regarding the recent changes to personal property tax.
Beginning in 2014, a taxpayer’s commercial or industrial personal property within in the local tax collecting unit is exempt if the true cash value is less than $80,000.
“The ‘Eligible Personal Property’ or ‘Small Taxpayer’ exemption takes effect for the 2014 assessment year and exempts the commercial personal property or industrial personal property which a business owns if the business and related entities own, lease or posses personal property with a true cash value of less than $80,000. If a business exceeds $80,000, it will not qualify,” according to a copy of the presentation.
For a copy of the bulletin click here.
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Click here for a copy of the exemption form. The statement and exemption form will also be mailed to business owners. The form must be submitted by or before Feb. 10, Trenton Assessor John Dahlquist said.
Rep. Somerville represent the residents of Brownstown Township, Gibraltar, Grosse Ile Township, Huron Township, Trenton and Woodhaven.
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