What is the primary purpose of the M-35B Report?

The M-35B Report is specifically designed to document tax relief status. This means it plays a crucial role in reporting and tracking the various forms of tax relief that may be available to property owners, such as exemptions for certain groups of individuals, including veterans, the elderly, or those with disabilities. By maintaining accurate records in the M-35B Report, municipalities can ensure that their tax relief measures are effectively administered and that eligible taxpayers receive the benefits they are entitled to.

This report is also vital for state agencies and local governments to evaluate the impact of tax relief programs and to plan for future budgetary needs. The accurate documentation provided through the M-35B Report helps maintain transparency and accountability within the property taxation system.

Other types of reports mentioned, such as those that focus on property sales or tax rates, serve different purposes and are not prioritized in the M-35B context, emphasizing that its primary function directly relates to tax relief status documentation.