Enter the amount of credit you received in 2019 on line 20 or include it in net farm income on line 16. You may be required to produce a copy of the landlord’s documentation to substantiate the claim. Total Household Resources (THR) are the total income (taxable and nontaxable) of both spouses or of a single person maintaining a household. Furthermore, the tax credit phases out for those who earn more than $73,650 annually. %%EOF
You can only have one homestead at a time. The claim must be based only on his/her prorated share of the taxable value and property taxes or rent paid and his/her own total household resources. The Michigan Homestead Property Tax Credit For All Other Filers: All other filers take the number from line 35 and multiply by 60%, reducing the number by 40%. Rescinding Your Homeowner's Principal Residence Exemption. The amount of the Michigan Homestead Property Tax Credit is equal to the amount of property taxes that owners or renters pay. You may claim a property tax credit if all of the following apply: Your homestead is in Michigan You were a resident of Michigan for at least six months during the year You own or are contracted to pay rent and occupy a Michigan homestead on which property taxes were levied ), then you may also claim that amount. Shared Housing - If two or more individuals share ownership and occupy the homestead or are contracted to pay rent and occupy the rental property, each may file a homestead property tax credit. For assistance calculating the alternate credit refer to worksheet 4 “Alternate Property Tax Credit for Renters Age 65 and Older” in the MI-1040 Individual Income Tax booklet or the estimator available on the website. The credit, for most people, is based on a comparison between property taxes and total household resources. Do not include other services. For assistance calculating the credit refer to worksheet 3 “FIP/MDHHS BENEFITS” in the Michigan MI-1040 Individual Income Tax booklet or the estimator available on the website. You can find out if a property is service fee or tax exempt housing here or by contacting the city/township/village/county assessor's office. If only one individual owns the home or is contracted to pay rent, only that individual may file a homestead property tax credit. Alternate Property Tax Credit for Renters Age 65 or Older: An alternate credit is available only to renters age 65 or older whose rent is more than 40% of their total household resources. Use summer and winter property tax statements for the tax year in question no matter when the taxes were paid. 00 11. See Homeowners or Renters Checklist, You own or were contracted to pay rent and occupied a Michigan homestead for at least 6 months during the year on which property taxes and/or service fees were levied, If you own your home, your taxable value was $135,000 or less, Your total household resources were $60,000 or less. endstream
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