Personal property consists of items that are not permanently affixed to the land and can be sold outright or with the property for added value.
Business personal property consists of items used to operate a business, such as desks, other office equipment, tools, and restaurant equipment.
Personal Property Statements
All owners of personal property are required by law to file a personal property statement at the Assessor’s office. Personal property forms can also be obtained through the Assessor’s office located on the second floor of the Waterford Township Hall.
Form Due Dates
Personal property forms are mailed to all businesses at the beginning of January. The Personal Property Statements must be returned by February 20th. Form 5076 (Affidavit to Claim Small Business Tax Exemption) is due no later than 5:00 p.m., February 20th. See paragraph below for further information regarding the Small Business Tax Exemption.
Important Notice for Waterford Business Owners
If the True Cash Value (TCV) of your business equipment is less than $80,000, you may be eligible for an exemption from paying Personal Property taxes. A “Small Business Tax Payer Exemption” (Michigan Department of Treasury Form 5076) must be filed with Waterford Assessing no later than 5:00 p.m. on February 20th. To ensure that this document is filed timely please HAND DELIVER if possible to the Assessing Department at: 5200 Civic Center Drive, Waterford, MI. This will be the only time of year that the Affidavit is accepted. If you do not timely file the form by February 20th, then you may go directly to the March Board of Review. You will need to let the Assessing Department know of your intentions. Please complete the Appeal Request form located below. Return the Appeal Request form before the end of the March Board of Review in order for your late filed form to be considered for the current year.
This form was mailed to you along with your Personal Property Statement in December. If you are unsure whether or not you qualify or if you have any other questions regarding the Personal Property tax exemption, please contact the Waterford Assessing Department at 248-674-6270.
Questions & Concerns
For more information on items that could be taxable or any concerns you have with filling out and timely filing your personal property tax forms, please contact the Assessing Department at 248-674-6270.