Homestead Property Tax Credit Update
Public Act 38 of 2011 made a number of changes to personal income tax in Michigan. These changes went into effect in 2012. These changes include a modification to the Homestead Property Tax Credit. Some of the major changes are:
Eligibility is calculated based on "total household resources" rather than household income. "Household resources" has a broader definition than income.
The income cap for household resources is $50,000. The former cap for partial eligibility was a household income of $82, 650.
Your house must have a taxable value of $135,000 or less (a $270,000 assessed value).
Seniors (age 65 and older) are generally eligible for a larger credit than non-seniors.
For additional information on the changes to the Homestead Property Tax Credit, please visit The State of Michigan Department of Treasury.