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New Bipartisan Bills to Ease Property Tax Burden for Michiganders
Rising housing costs and inflation have hit Michigan families hard in recent years, especially older adults with low or moderate incomes. According to a recent AARP study, 82 percent of adults 45 and older are concerned that increasing property taxes would impact their ability to remain in their home as they age.
To address this growing concern, a new bipartisan bill package would provide relief by expanding the Homestead Property Tax Credit, offering much-needed relief to Michiganders across the state.
Senate Bills 344 and 345 would expand the Housing Property Tax Credit and increase eligibility so more homeowners and renters, especially older adults, will be able to access it.
A few key changes to the Homestead Property Tax Credit in the Senate Bills include:
- Increasing the property value cap for eligibility from $135,000 to $160,700.
- Raising the income limit for single filers from $51,000 to $70,700 and establish a new joint filers limit at $141,400.
- Adjusting income thresholds annually based on the Consumer Price Index.
- Increasing income thresholds and add a new threshold for married filing jointly, allowing more households to claim the credit.
- Allowing renters to factor in more of their rent expenses, expanding access to more filers.
Expanding this credit would help ensure Michiganders have a path to homeownership and can keep up with rising costs of living.
You can support these bills by urging your legislators to vote YES on Senate Bills 344 and 345. Take action now!
Want to see if you currently qualify for the Homestead Property Tax Credit? Learn more by visiting the State of Michigan Homestead Property Tax website.
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