Elastic wave propagation in solids can be controlled and manipulated by properly designed metamaterials. In particular, polarization conversion can be obtained by using anisotropic materials. In this paper, we propose a three-component locally resonant material with non-symmetrically coated inclusions, and we study the effect of the anisotropic equivalent mass on band gap formation and the polarization conversion of elastic waves. The equivalent frequency-dependent mass tensor is obtained through the two-scale homogenization approach. The study of the eigenvalues of the mass tensor enables to predict band gaps and polarization bands, as well as identifying a priori the effect of different geometric and material parameters, thus opening the way to metamaterial optimization.