What is the Michigan Homestead Property Tax Credit?
The Michigan Homestead Property Tax Credit is a method through which taxpayers can receive a tax credit in the amount of their property tax that exceeds a certain percentage of their household income. For those on a fixed income (including many senior citizens), the Michigan Homestead property Tax Credit provides some relief from the increased millage. The Property Tax Credit refunds a portion of property taxes or rent based on household income and the amount of taxes or rent paid. For some individuals, up to 100 percent of the millage increase will be refunded due to State and Federal tax credits and deductions. Some senior citizens will receive a full refund, meaning the increased millage will result in no additional cost to them.
