Michigan Principle Agreement
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How to fill out Principle Agreement?
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FAQ
The Homestead Property Tax Credit helps qualified Michigan homeowners and renters pay for a portion of their property taxes. For the 2024 tax season, this credit is worth up to $1,700. For homeowners, your taxable value must be $154,000 or less.
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.
Michigan First-Time Home Buyer Savings Program Single filers may claim up to $5,000 and joint filers can claim up to $10,000 on their taxes. But you must act quickly, as this program is only available for tax years 2022 through 2026, unless the state legislature decides to extend the law.
What is the Michigan Principal Residence Exemption? In Michigan, the PRE is a reduction of 18 mils each year on your property taxes on your primary residence. A mil is defined as $1 of tax per $1,000 of Taxable Value. Millage data can be found on the State of Michigan site here.
Property taxes levied or monthly rent must be divided equally between each individual. Any gifts of cash or expenses paid on your behalf must be included in total household resources. If only one individual owns the home or is contracted to pay rent, only that individual may file a homestead property tax credit.
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.
If you own and occupy your own home, it may be exempt from the 18-mill school operating tax. If a home is worth $100,000 and has a taxable value of $50,000, the savings to you would be $903 per year.
Depending on the local millage, non-homestead status can raise your taxes 40% to 100%.