You May Be Eligible For Homestead Property Tax Credit
If you own your home or even paying rent, you might be eligible for a homestead property tax credit.
Taxes, insurance rates and healthcare costs are the three things that really hurt the average household, but anytime you can save any money regarding any of these three is a good thing.
According to FOX 17, the Michigan Department of Treasury announced that working families and individuals with household incomes of $50,000 or less may be eligible for a Homestead Property Tax Credit.
The Homestead tax credit is set up by a comparison the state does based on your income and your property taxes and if you rent, the taxes are paid indirectly and are included in your rent.
Getting any kind of reduction in your property taxes can help a family who is already struggling a lot. The average saving per family is just under $700. That could be a house payment, a few months of groceries and even help pay some debt acquired during the pandemic.
Here are the requirements according to the Michigan Department of Treasury:
- Your Homestead is located in Michigan
- You're a resident of Michigan for minimum of 6 months
- You own or pay rent and occupy a Michigan homestead on the property your taxes are levied
- If you won your home, your taxable value is $135,000 or less. Cannot be unoccupied farmland.
- Your household income is $50,000 or less
You can either claim your Homestead Property Tax Credit on your taxes or you can file the claim by itself.
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