Personal Property Tax Exemption Affidavits for property less than $80,000 in depreciated value must be filed in February in order to be eligible for the exemption. Please note the State of Michigan has changed the exemption process to a one-time filing of an affidavit, meaning that businesses which file in 2019 will not need to file again unless the total amount of their personal property exceeds a depreciated true cash value of $80,000. We will try to contact local businesses who have not filed by mid-February to assure eligible exemptions are granted, however, we would appreciate early filings of affidavits.