Important Tax Information for City of Mt. Pleasant Business Owners

MT. PLEASANT, MI – In December 2012, the State of Michigan created an exemption known as the Small Taxpayer Exemption. This program allows business and business personal property owners to exempt their equipment from property taxation if the value of the equipment is under $80,000 depreciated true cash value (40,000 assessed value) per jurisdiction.

Examples of personal property (equipment used in commercial and industrial businesses) include: cash registers, freezers, shelving, etc. Residential and agricultural personal property is exempt from taxation.

The 5076 Small Taxpayer Exemption Form was sent to City property owners by the assessor’s office.  This one-page form, with basic information already included by the assessor’s office, must be returned by February 20, 2019 to qualify for the exemption.

For the 2019 tax year, the State of Michigan has updated the small taxpayer exemption process. Property owners only need to file one time, instead of annually, to receive the exemption going forward.

The assessor’s office will annually audit each account to determine if the property still qualifies for exemption.  As long as the account is estimated to be valued at less than $80,000, the exemption will carry over year to year.

If you have questions regarding this exemption please contact the City of Mt Pleasant Assessor’s Office, (989) 779-5355.