What is a homestead exemption in Michigan?
In Michigan, a homestead is the one primary residence of a person and no other exemption can be claimed. Homestead is not automatic, homeowners must file a claim for homestead exemption with the state.
So what really does a homestead exemption mean to you? A portion of a home’s value is exempt from property taxes. Example: a home is assessed at $200,000 and the exemption is 50%, then that would only allow $100,000 to be used as the assessed value for property tax purposes.
This will bring down the tax burden placed on the individual. For more information on this subject or if you have another question about real estate or mortgages, please contact us at the numbers listed below.
Donald Horne, Team Success Listing
Associate Broker for Coldwell Banker Shooltz Realty
email@example.com / 810-338-0628
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