Homestead Act Information For Tax Reduction In Michigan
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FAQ
Property Tax Exemption Pursuant to MCL 211.7u, eligible low-income homeowners may apply for an exemption from property taxes. An eligible person must own and occupy his/her home as a principal residence (homestead) and meet poverty income standards.
Who Qualifies? Your homestead is in Michigan (whether you rent or own). You were a Michigan Resident for at least 6 months of the year you are filing in. You have Total Household Resources (THR) under a specified amount adjusted annually.
And provide additional information about the homestead exemption. Application process it isMoreAnd provide additional information about the homestead exemption. Application process it is important to ensure that the property ID is accurate when submitting your exemption.
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.
Public Act 74 of 1995 provides for an exemption to be filed by mail or in person at the July or December Board of Review for the year of the claim, or the following year's July or December Board of Review. To petition the Board of Review you must submit a signed Affidavit for Homestead Exemption (form 2368).
The State of Michigan does not currently offer a property tax exemption for senior citizens. However, Senior Citizens are entitled to the Homestead Property Tax Credit.
Complete the Michigan Form 2602 The form you use to remove this exemption is a State of Michigan form called the Request to Rescind Principal Residence Exemption (PRE). Make sure to file this form shortly after you sell your home.
