Author Topic: homestead exemption  (Read 2076 times)

Case

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homestead exemption
« on: July 12, 2017, 06:03:48 AM »
I have seen the homestead exemption from property/housing tax come up before on here and I have always been curious about it.  I've tried googling for answers a number of times, about what is needed to qualify, but have always come back more confused than when I started.  Does anyone have the lowdown on this?  I live in MI.

Lepetitange3

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Re: homestead exemption
« Reply #1 on: July 12, 2017, 06:18:09 AM »
I Need florida, the homestead exemption means you get a portion of your property tax discounted because you live here full time i.e.: it's your homestead.  It's supposed to be a benefit on your main residence so your property taxes are lower, which is obviously helpful to people on fixed (retired)  incomes.  It's existence varies by state however.

Cadman

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Re: homestead exemption
« Reply #2 on: July 12, 2017, 07:19:40 AM »
Lepetitange3 has got it. Just call over to your tax assessor's office and inquire. Often they can make the change over the phone, or might require you to come in and sign a document. Well worth investigating.

Lepetitange3

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Re: homestead exemption
« Reply #3 on: July 12, 2017, 08:02:41 AM »
No idea how "live in" became "need".  Phones...sigh.

Also there are sometimes other exemptions on your homestead for other things...again, in florida, there's one for veterans which I get, but I'm also aware there's a list of other things beyond that.

ixtap

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Re: homestead exemption
« Reply #4 on: July 12, 2017, 09:36:14 AM »
Do you have a state property tax? You probably need to be searching by your county, rather than state.

SimpleCycle

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Re: homestead exemption
« Reply #5 on: July 12, 2017, 09:44:04 AM »
Michigan has two things that are a form of homestead exemption.  The first is called the "principal residence exemption" and it reduces your property taxes.

http://www.michigan.gov/taxes/0,4676,7-238-43535_43539-210891--,00.html

The other is a tax credit on your income tax called the "Homestead Property Tax Credit", which refunds a portion of property taxes as an income tax credit to certain low and moderate income taxpayers.  The Homestead Property Tax Credit is available to both homeowners and renters.

frugalnacho

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Re: homestead exemption
« Reply #6 on: July 12, 2017, 09:55:31 AM »
I live in michigan and that's exactly what it is.  You either pay the regular tax rate, or if it's your main home you pay the homestead tax which is cheaper.  I own 2 houses.  The one I live in I pay the homestead rate.  The other house used to be homesteaded, but when I changed residences and rented it out the tax went up because I lost the homestead status on that house.

frugaliknowit

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Re: homestead exemption
« Reply #7 on: July 12, 2017, 02:31:58 PM »
You should contact whoever bills your taxes, such as your county or state.  They should have a website explaining all of the particulars (homestead exemption, senior citizen discount, etc.).  The contact information should be on your tax bill.

BlueMR2

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Re: homestead exemption
« Reply #8 on: July 12, 2017, 04:42:12 PM »
When I first moved in, the previous owners had it, but I didn't get it.  So, I researched and it says in the state/county code that it applies to the original property owners.  Which they were not.  I asked around more locally and was told that "old retired people get it, but young working people don't".  Shrug.  What they're actually doing here locally doesn't seem to even remotely fit what the law says, but as long as they're consistent I'm OK with it...  :-)