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Get MI DoT 4594 2021-2024
Attachment 20Michigan Department of Treasury 4594 (Rev. 0421), Page 1 of 22021 MICHIGAN Farmland Preservation Tax Credit Corporate Farm Owners, Estates or TrustsIssued under authority of Public Act.
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Naics FAQ
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You may qualify for a homestead property tax credit if all of the following apply: Your homestead is in Michigan. You were a resident of Michigan for at least six months during the year. You own or are contracted to pay rent and occupy a Michigan homestead on which property taxes were levied.
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Homestead Property tax credit For the 2023 tax season, this credit is worth up to $1,600. For homeowners, your taxable value must be $143,000 or less. For both homeowners and renters, your total household resources must be $63,000 or less.
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If you are required to file a Michigan Individual Income Tax return MI-1040, submit the Michigan Homestead Property Tax Credit Claim MI-1040CR with your MI-1040. If you are not required to file an MI-1040, you may file the MI-1040CR by itself. You have 4 years from the original due date to file your claim.
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ing to Michigan's General Property Tax Act, two factors determine your tax bill: the taxable value of your home (assessed annually), and the applicable tax rate (that is, the percentage of the taxable value that the local tax authorities use to compute your property tax).
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The taxable value is the value on which property taxes are calculated. It can be found on the property tax statement or by contacting the local assessor.
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You can request copies of property tax statements from your local city/township/village assessor's office.
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In Michigan, the assessed value is equal to 50% of the market value. Local assessors determine how much a given property could sell for on the market, usually by looking at factors such as size, features and the prices of recently sold comparable properties.
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