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Sample Letter for Change of Venue and Request for Homestead Exemption

Homestead Exemption Application For Senior Citizens In Michigan

Q: How do you qualify for homestead exemption in Michigan?

Who Qualifies? You are considered a &quot;natural person&quot; (owner or claimant), and not a living trust or other legal entity, such as a S corporation or LLC. 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.

Category:

Letters - Legal - Venue

State:

Multi-State

Control #:

US-0032LTR

Format:

Instant download

Description

The Homestead Exemption Application for Senior Citizens in Michigan is an important legal form intended to provide tax relief to eligible seniors. This application helps seniors qualify for a reduction in property taxes on their primary residence, allowing them to manage their financial burdens more effectively. Key features of the form include the requirement to provide proof of residency and income documentation. Seniors can complete the application annually, ensuring they stay up-to-date with their eligibility status. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form indispensable for advising clients on property tax savings opportunities. It's crucial to ensure all sections of the form are filled out accurately to avoid delays in processing. Special instructions on how to submit the application can vary by county, so legal professionals should check local guidelines. Given the form's significance in aiding seniors, effective communication about its use and benefits is vital for legal staff assisting clients.

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FAQ

Who Qualifies? You are considered a "natural person" (owner or claimant), and not a living trust or other legal entity, such as a S corporation or LLC. 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.

Complete the Michigan Form 2368 The form you use to apply for this exemption is a State of Michigan form called the Principal Residence Exemption (PRE) Affidavit. The affidavit has to be filed with our office on or before June 1st to be applied to the current tax year.

The difference between and homestead taxes and non homestead taxes is about 30%. So if you buy a investment property or second home you are going to be paying about 30% more than somebody that would be living in the property.

Long-term Resident Senior Exemption Homeowners who meet the following requirements are eligible: The property must qualify for a homestead exemption. At least one homeowner must be 65 years old as of January 1. Total 'Household Adjusted Gross Income' for everyone who lives on the property cannot exceed statutory limits ...

Application Deadline To avoid penalty and interest, if you owe tax, postmark your return no later than April 15, 2025. The filing deadline to receive a 2024 property tax credit is April 15, 2029.

However, Senior Citizens are entitled to the Homestead Property Tax Credit. 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.

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.

Michigan Department of Treasury Form 2368 (Rev. 6-99), Homestead Exemption Affidavit, is required to be filed if you wish to receive an exemption. Once you file on a residence, no additional filings are required as long as the claimant's exemption status remains unchanged.