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The homestead property tax credit allows eligible seniors to claim a credit of up to $1,200, helping to offset a portion of the property taxes paid. Senior citizens in Michigan are eligible for property tax breaks. They can claim an additional exemption on their state income tax returns.
Michigan Property Tax Information. Help for Senior Citizens. Michigan's lawmakers have provided mechanisms to address the burden of tax levies on Senior Citizens. At a minimum, any senior citizen should make sure they explore the following mechanisms for relief of financial burdens:
Michigan's homestead property tax credit is how the State of Michigan can help you pay some of your property taxes if you are a qualified Michigan homeowner or renter and meet the requirements. You should complete the Michigan Homestead Property Tax Credit Claim MI-1040CR to see if you qualify for the credit.
The home value method for low-income households can be used by seniors whose household income is $6,000 or less and who received a senior citizen property tax credit in 1973. To receive this tax credit, the Taxable Value of the property must be determined.
Property Tax Exemptions. The property tax exemptions listed below provide eligible taxpayers with a variety of property tax savings. Click on the desired links to learn more about the individual programs. Air Pollution Control Exemption. A property and sales tax exemption for facilities that control or dispose of air pollution.
Many senior citizens qualify for a tax break called a “ homestead” tax credit. Since the state of Michigan permits property taxes, it provides the refund. Your claim is filed each year using a form 1040cr. Even if you don’t have to file income taxes, you should look into filing this form!
Eligible households may deduct up to 60% (up to 100% for senior citizens, please see the senior credit table below) of the millage increase cost up to a $1,500 Homestead Tax Credit limit.
