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Michigan

Michigan Property Tax Benefits

 

1) The Principal Residence Exemption Program

* Benefits retirees and other people that relocate to Michigan.

Formerly known as the Michigan Homestead Exemption Program, the Principal Residence Exemption Program allows homeowners an exemption from their local School Operating Millage. In accordance with Public Act 237 of 1994, homeowners that occupy their property as their principal residence may exempt up to 18 mills.

2) State Equalized Value

* Benefits any property owner who needs to or wants to be able to plan on their future property tax burden. Shields property owners from huge increases in taxable property values that could force them out of their homes because they became worth so much.

Michigan's Constitution requires that the assessed value of every property be a uniform proportion, not to exceed 50 percent, of the "true cash value," referred to as state equalized value (SEV). State law sets SEV at the constitutional maximum. Thus, the assessment process in Michigan involves determining "true cash value" and dividing it by two.

Annual increases in the taxable value (TV) of individual parcels of existing property are limited to the lesser of five percent or inflation.

3) Homestead Property Tax Credit Information

* Benefits retirees and others that qualify.

Michigan's Property Tax Credit is a way the State of Michigan helps pay some a qualified Michigan homeowner's property taxes if all of the following apply:

  • The owner's homestead is in Michigan.
  • The owner was a resident of Michigan for at least six months during the year.
  • The owner resided in a Michigan homestead on which property taxes were levied.
  • The household income is less than $82,650

To get an estimate of what your property taxes could be in Michigan take a look at the Michigan Property Tax Estimator

Sources

Michigan Department of the Treasury

The information provided above is for general information only and does not constitute financial advice. While this information has been checked for accuracy, we are not liable for any incorrect information. We recommend that you make enquiries based on your own circumstances and, if necessary, seek independent financial and professional advice regarding your own individual financial situation.


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