UPDATE: LANSING - Gov. Snyder recently signed a bill into law reforming personal property tax, which means starting January 1, 2014, many small businesses in the township could see significant tax breaks.

As part of the reforms the state had promised to reimburse about 80 percent of the revenue lost from the cuts.

But Meridian stands to lose about $60,000 a year because the township doesn't qualify for the reimbursements.

"Because they put in a minimum amount of floor you must meet in order to get anything and this is really unfortunate because $60,000 is $60,000," said Township Treasurer Julie Brixie.

ORIGINAL STORY: LANSING - Newly signed tax reform laws mean big savings for small businesses in Meridian, but big losses for township revenue. Watch Meridian Magazine for the details.