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The increase in taxes could potentially be offset by the Michigan Homestead Property Tax Credit.  Below is a summary of the revised Michigan Homestead Property Tax Credit:

Michigan Homestead Property Tax Credit – Households that pay homestead property taxes greater than 3.2% of their annual income may also be eligible for the Michigan’s Homestead Property Tax Credit.  Eligible households may deduct up to 60% (up to 100% for senior citizens, please see the senior credit table below) of the millage increase cost up to a $1,500 Homestead Tax Credit limit.  The eligibility for the credit begins to decrease after household income exceeds $51,001 and ends completely after the household income exceeds $60,001.  Please see below the general reduction table and senior credit table below:

 

General Credit Reduction

 

Senior Credit

 

Resources

% of credit

Resources

% Credit

$51,000

100.00%

$21,000

100%

$51,001

90.00%

$21,001

96%

$52,001

80.00%

$22,001

92%

$53,001

70.00%

$23,001

88%

$54,001

60.00%

$24,001

84%

$55,001

50.00%

$25,001

80%

$56,001

40.00%

$26,001

76%

$57,001

30.00%

$27,001

72%

$58,001

20.00%

$28,001

68%

$59,001

10.00%

$29,001

64%

$60,001

0.00%

$30,001

60%

 
Click Here for an easy to use calculator to get an exact estimate for YOU!