Mich. Admin. Code R. 206.32

Current through Vol. 24-19, November 1, 2024

Section R. 206.32 - Veteran's homestead property tax credit

Rule 32.

(1) The credit allowed servicemen, veterans, or their widows under the requirements of section 506 of Act No. 281 of the Public Acts of 1967, being S206.506 of the Michigan Compiled Laws, shall be known as a veteran's homestead property tax credit.

(2) A person eligible for the veteran's credit may file a claim for the year in which he first became eligible and all years thereafter for which he remains eligible, including the year in which his eligibility is terminated. Eligible claimants of a veteran's homestead property tax credit who buy or sell and rent a home during the tax year shall compute their credit as shown in the following example:

John Brown is an eligible veteran with a 30% service-connected disability which entitles him to a state equalized value allowance of $3,500.00. He sold his home in March and moved out on April 30. Its state equalized value was $10,500.00. The taxes for the entire year amounted to $546.00. He rented a home for the next 5 months for $275.00 per month. He purchased a new which he moved into on October 1. The state equalized value is $15,000.00. Taxes of $780.00 were assessed for the entire year. Mr. and Mrs. John Brown's household income for the tax year amounted to $12,000.00.

Figure for 206.32

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Note: Veterans renting a homestead subject to a service fee in lieu of property taxes should enter their share of the service fee on line 47 instead of 17% of rent paid. See your management agent for your share of the service fee.

Mich. Admin. Code R. 206.32

1979 AC