Many northern Michigan business owners have a new tax opportunity from the state, but might not be seizing it. The state of Michigan enacted changes late last year that allows business owners an $80,000 dollar exemption to personal property taxes. The required forms are due by February 10.
Area city and county officials are worried property owners are not taking advantage. Petoskey city assessor Robert Englebrecht says he’s noticed local owners have not been filling out the new form, although they are the target.
"The legislation how I understand it was aimed at the smaller property owners, the mom-and-pop places so to speak," he says. "I have noticed that the local property owners—compared to the non-local property owners, which are bigger corporations—are not taking advantage of the exemption."
He says more than 100 businesses in Petoskey haven’t responded. In Traverse City, more than 1,500 businesses that haven’t responded yet.
An appeal is available—this year only—for those who miss the deadline.