Working families and individuals with a total household income of $60,000 or less who own or rent a home could be getting a little more tax relief on their 2020 taxes with the Homestead Property Tax Credit.
The tax credit is related to total household income and the amount paid in property taxes, whether directly through homeownership or indirectly when paying rent.
More than one million taxpayers claimed the credit on their 2019 taxes with an average credit of $669 per household.
To get the credit, taxpayers’ homestead must be in Michigan, whether they own or rent. They must also have been a resident of Michigan for at least six months in 2020, and own or pay rent on a Michigan homestead on which property taxes were levied. The value of the home cannot exceed $135,000.
Deputy State Treasurer Glenn White, head of Michigan Treasury’s Revenue Services programs, said, “Homestead Property Tax Credits provide tax relief for Michigan’s working families and individuals. These tax credits can reduce tax owed and may provide a refund.”
2020 Income Taxes are due to be filed by May 17th, 2021.
Reporting for WGRT – Jennie McClelland
