Seniors in Michigan are entitled to a homestead property tax credit up to 100% of the amount their property taxes exceed 3.5% of their income, up to $1,200. This credit may be claimed regardless of whether a Michigan income tax return must be filed.
Qualifications and Eligibility
- The minimum age requirement for the senior property tax exemption is between 61 to 65 years old.
- Recent legislation provides property tax relief for senior citizens facing financial hardship.
- Homeowners who meet federal poverty income standards can apply for a property tax exemption.
Examples and Additional Information
- Many seniors cannot receive any property tax credit due to rising home prices.
- Seniors qualify for the tax credit if their property tax exceeds 3.2% of their income.
- For example, a widow with a $24,000 annual income qualifies for the credit.
Homestead Property Tax Credit
Residents paying high rent or property tax compared to income may qualify for the Homestead Property Tax Credit. The overall assets of the filer’s household do not exceed $60,000.
Additional Questions
- Who qualifies for property tax exemption in Michigan?
- How much is the Michigan Homestead Property Tax Credit?
- Does Michigan give seniors a break on property taxes?