HOLLAND, MI (WHTC) – Taxpayers who are required under the law to file and pay a tax on commercial Personal Property may be able to be exempt.
Taxpayers who are eligible need to file required state form 5076 by upcoming February deadlines to qualify. Holland Township Treasurer Vince Bush said equipment tax relief for small companies or individuals can be made by filing form 5076 with the Township Assessor’s Office by Feb. 10, 2017.
“If their equipment has a value of less than $80,000, the taxpayer will pay no taxes if the one page form is filled out and filed with the Holland Township Assessor by the deadline,” said Bush.
All equipment at all locations within the township must be considered together and be under the $80,000.
Holland Township Assessor Howard Feyen said companies or individuals should file the 5075 form for equipment valued under $80,000 because it is an easy way to make sure their tax on equipment will be zero.
“If they don’t file at all, I have to make an estimation of the value of their equipment and they will wind up paying tax on it,” Feyen said.
“We want to raise awareness among companies that these tax benefit are out there and this is the time for them to take action for the potential tax savings,” Bush said.
