Homestead Exemption Application For Senior Citizens In Michigan
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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.
