Total Household Resources (THR) are the total income (taxable and nontaxable) of both spouses or of a single person maintaining a household. Most special assessments (including but not limited to solid waste fees.Property taxes on cottages or second homes.You may also include the administrative collection fees up to 1 percent. Only taxes levied in the year of the claim may be used for credit no matter when they are paid. If you are blind and rent, you must use the MI-1040CR, you cannot use the MI-1040CR-2. File the form that gives you the larger credit. If you are blind and own your own home, complete the MI-1040CR and the MI-1040CR-2. If you are active military, an eligible veteran, or the surviving spouse of a veteran, complete the MI-1040CR and the MI-1040CR-2, Michigan Homestead Property Tax Credit Claim for Veterans and Blind People. You have 4 years from the original due date to file your claim. If you are not required to file an MI-1040, you may file the MI-1040CR by itself. If you are required to file a Michigan Individual Income Tax return MI-1040, submit the Michigan Homestead Property Tax Credit Claim MI-1040CR with your MI-1040. How do I file a Michigan Homestead Property Tax Credit Claim MI-1040CR? Form 5049 Worksheet for Married, Filing Separately and Divorced or Separated Claimants.Form 2105 Michigan Homestead Property Tax Credits for Separated or Divorced Taxpayers.Sample Property Tax Statements Frequently Used homestead property tax credit forms and instructions See Homeowners or Renters Checklist for details.Ĭhecklist for Determining Total Household ResourcesĬhecklist for Preparing a Michigan Homestead Property Tax Credit Claim Note: You may be required to submit documentation to support your claim. If 100% of your total household resources were received from the Michigan Department of Health and Human Services, you do not qualify.Your total household resources were $60,000 or less (part year residents must annualize total household resources to determine if a credit reduction applies).If you own your home, your taxable value was $135,000 or less (unless unoccupied farmland) 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.You may qualify for a property tax credit if all of the following apply: Who qualifies for a homestead property tax credit? Cottages, second homes, property you own and rent/lease to others, and college dormitories do not qualify as a homestead. You can only have one homestead at a time. You must be the owner and occupant or be contracted to pay rent and occupy the dwelling. It is the place to which you plan to return whenever you go away. Your homestead is the place where you have your permanent home. Given that each taxpayer has unique circumstances that determine their eligibility for the credit, the Michigan Department of Treasury encourages you to review the information below and/or contact a tax professional. Homeowners pay property taxes directly and renters pay them indirectly with their rent. The credit, for most people, is based on a comparison between property taxes and total household resources. You should complete the Michigan Homestead Property Tax Credit Claim MI-1040CR to see if you qualify for the credit. Michigan's homestead property tax credit is how the State of Michigan can help you pay some of your property taxes if you are a qualified Michigan homeowner or renter and meet the requirements. Homeowners Checklist Renters Checklist What is the homestead property tax credit? Why is the amount of my credit different from what I expected?īefore calling or writing, it is suggested that you use the checklist that best fits your situation.
0 kommentar(er)
