What action is required if a taxpayer no longer qualifies for the Small Business Taxpayer Exemption?

When a taxpayer no longer qualifies for the Small Business Taxpayer Exemption, the required action involves filing a rescission form as well as a personal property statement. The rescission form is necessary to officially revoke the exemption status that the taxpayer previously held, while the personal property statement is crucial for reporting the taxpayer's current property that is subject to taxation.

This process ensures that the local unit of government is aware of the change in status, allowing them to accurately assess property taxes moving forward. Failure to submit these documents can lead to complications, such as discrepancies in tax assessments or penalties for non-compliance. Hence, it is essential for taxpayers to adhere to this requirement in order to remain compliant with property tax laws in Michigan. Other options, such as submitting a new Form 5076 or paying an additional fee, do not address the specific requirements associated with losing the exemption status.