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Old February 21st, 2013, 06:27 AM   #1
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Default Homestead Property Exemption

Did I hear right, from commentary on the radio this morning.................
if you own a home worth more than $250K or your combined income is more thean $50K you will lose your $1200 Homestead property exemption.


How did this happen without a vote from the public?
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Old February 21st, 2013, 06:53 AM   #2
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There was a vote. Back in November, and now we're paying for it.
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Old February 21st, 2013, 06:57 AM   #3
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If it is true, that is a huge tax increase, and will impact the majority of people who own a home.
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Old February 21st, 2013, 07:03 AM   #4
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"And" not "or"
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Old February 21st, 2013, 07:06 AM   #5
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I thought it was $150 K and the cut off was $50 in income.
But yeah, no mo brake there for us.
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Old February 21st, 2013, 07:09 AM   #6
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the specifics to the credit can be found here: http://www.michigan.gov/taxes/0,1607...538---,00.html


as to "how" this happened without a vote of the public are you really that naive?
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Old February 21st, 2013, 07:10 AM   #7
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Its a taxable value of $135K...
http://www.michigan.gov/mobi/taxes/0...538---,00.html
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Old February 21st, 2013, 07:10 AM   #8
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Proposal A was a vote of the people that put the exemption into place in 1994. I don't remember seeing anything about this. Was this a backroom executive order by Snyder?
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Old February 21st, 2013, 07:12 AM   #9
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Quote:
Originally Posted by RyeBread View Post
the specifics to the credit can be found here: http://www.michigan.gov/taxes/0,1607...538---,00.html


as to "how" this happened without a vote of the public are you really that naive?
I don't think most people knew what was at stake in the last election.
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Old February 21st, 2013, 07:14 AM   #10
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Quote:
Originally Posted by RyeBread View Post
the specifics to the credit can be found here: http://www.michigan.gov/taxes/0,1607...538---,00.html


as to "how" this happened without a vote of the public are you really that naive?

Apparently I'm extemely naive, because I was to busy trying to make ends meet with other situations in my life. I didn't expect this. Where was your commentary when it was happening, or do you approve of it?
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Old February 21st, 2013, 07:17 AM   #11
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And the $50 K income will zap most homeowners.
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Old February 21st, 2013, 07:25 AM   #12
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Buy some sheep Qualify as agriculture.
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Old February 21st, 2013, 07:27 AM   #13
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Buy some sheep Qualify as agriculture.

This is not allowed in most RR districts.
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Old February 21st, 2013, 08:26 AM   #14
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Quote:
Originally Posted by FORD FLARESIDE View Post
This is not allowed in most RR districts.
right to farm act of michigan...look it up you can have a farm anywhere you want on any size land as long as you practice general accepted agriculture practices
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Old February 21st, 2013, 08:26 AM   #15
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Quote:
Originally Posted by whiterhino View Post
And the $50 K income will zap most homeowners.
Yup, got me. It's nice to know that the goobermint considers me wealthy.
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Old February 21st, 2013, 08:39 AM   #16
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right to farm act of michigan...look it up you can have a farm anywhere you want on any size land as long as you practice general accepted agriculture practices

You need to look into this more yourself............there are requirements for waste removal.
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Old February 21st, 2013, 08:47 AM   #17
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Quote:
Originally Posted by RyeBread View Post
the specifics to the credit can be found here: http://www.michigan.gov/taxes/0,1607...538---,00.html


as to "how" this happened without a vote of the public are you really that naive?
What I find a little confusing is in the section "Who qualifies for a Homestead Property Tax Credit?":

Quote:
Who qualifies for a Homestead Property Tax Credit?

You may claim a property tax credit if all of the following apply for 2012:

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
If you own your home, your taxable value is $135,000 or less
Your total household resources are $50,000 or less
(Part year residents must annualize total household resources to determine if a credit reduction applies)
If 100% of your total household resources are received from the Department of Human Services, you do not qualify



You may claim a property tax credit if all of the following apply for 2011 and prior years:

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
Your household income is $82,650 or less
(Part year residents must annualize household income to determine if a credit reduction applies)
If 100% of your total household income is received from the Department of Human Services, you do not qualify
The second paragraph - this IS still true to me. By the way I am interpreting this, is this only affecting new home owners from 2012-on?
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Old February 21st, 2013, 09:19 AM   #18
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This actually works good for me. Last year I made less than $82,650. This year I made more than that, but my house taxable value is less than $135,000.

EDIT: This is Wrong, I'm Screwed

Last edited by GearDrive; February 21st, 2013 at 09:47 AM. Reason: Can't read
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Old February 21st, 2013, 09:22 AM   #19
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Quote:
Originally Posted by GearDrive View Post
This actually works good for me. Last year I made less than $82,650. This year I made more than that, but my house taxable value is less than $135,000.
Not sure how it works out good for you, sounds like you got the tax credit last year, and you won't be getting it this year?

-Rob
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Old February 21st, 2013, 09:26 AM   #20
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Its "if all of the following apply"
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