Property taxes in Michigan can add up for homeowners, especially for elderly people on limited incomes. As a result, many senior citizens ask if they qualify for a property tax discount. The gist of the matter is that Michigan does not specifically provide seniors with a property tax break. Seniors can lessen their property tax burden, though, thanks to other services that are readily available.
The Michigan Homestead Property Tax Credit is one such program, which is open to locals who are 62 years of age or older or who are disabled. This credit, which is determined by the applicant’s income and the amount of property taxes paid, might result in sizable savings. The credit for the 2020 tax year may be up to $1,200, according to the Michigan Department of Treasury. A senior citizen must own and live in their house as their primary residence in order to qualify for this benefit.
In Michigan, there are several schemes for reducing property taxes in addition to the Homestead Property Tax Credit. For instance, seniors who fall below the poverty threshold are eligible for a reduction or elimination of their property taxes under the Poverty Exemption. Furthermore, some local governments in Michigan have property tax deferral plans that let senior citizens postpone paying their property taxes until they sell their house, vacate their residence, or pass away.
The precise eligibility conditions and application procedures for these programs must be noted. Seniors who want to apply for property tax relief should get in touch with their local government offices or seek advice from a tax expert.
Despite the fact that seniors are not specifically eligible for a property tax discount in Michigan, there are programs that can help lower their property tax burden. Seniors have several alternatives to help them manage their property taxes, including the Homestead Property Tax Credit, Poverty Exemption, and Property Tax Deferral Programs. To find out which programs they might qualify for and how to apply, seniors should speak with their local government offices or a tax expert.