In December of 2012 eleven bills were signed into law related to personal property tax. Most of the laws do not take effect until 2015 with the exception of MCL 211.9o . If a property owner has industrial or commercial personal property with a true cash value of less than $80,000, they may be exempt from personal property tax.
To qualify for the exemption, the property owner MUST file an affidavit with the local taxing authority by February 10. The affidavit must be filed annually. Below are links to information you may find helpful in preparing for personal property tax changes in Michigan.
PA 402 of 2012 Eligible Personal Property Tax Exemption
Form 5076 Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes
Michigan Personal Property Tax Reform