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 10th. 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. An “Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes” (Michigan Department of Treasury Form 5076) must be filed with Waterford Assessing no later than 5:00 p.m. on February 10. 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 will be accepted.
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.