Homestead Property Tax Credit...what a ripoff

[300UGUY]

In Michigan, Homestead Property Tax Credit is meant to help offset some of the property taxes for lower income families or individuals.

If the taxable value of the homestead is greater than 135,000 or your income is greater than 50,000, you don't qualify

I've been retired for 13 years and started drawing ss about 3 years ago. Between my wife's and my pension, I haven't qualified for it since we married 9 years ago.

I probably got it before that for 2 or 3 years.

I thought that the income topped out at 82K?

It has changed since Snyder came in. Retired folks are paying more.

 

[JerryK]

I thought that the income topped out at 82K?

It has changed since Snyder came in. Retired folks are paying more.

YEAH.....!!!!!!!! Pay more.....!!!!!!!!! YEAH............!!!!!!!!!!

 

[Streetcar]

The biggest portion of my property tax goes to the Junior College. It's not a place I ever plan on going to, or have any interest in. I'm all for those who want to go to higher education being able to do so, but I feel that I shouldn't have to pay for it. What is really bad is how it keeps growing and demanding that they need more and more money because if they don't keep adding new buildings, taking neighboring houses and increasing payroll, they won't be competitive with other schools. I don't know why I should care if they have the best pool pool house, or a new football field, or 8 new tennis courts where 6 houses used to be, plus more parking lots and now a new 4 story nursing school. Even worse is that it was discovered after one of their tax increases that they had millions in savings.

Eddie
They do have a very good women's basketball team

 

[Streetcar]

I may be in the minority here but Just because someone is old does not mean they deserve a break on their taxes. In my neighborhood there are several grandparents that use their address to get the grandkids into the better schools. If you are old and poor you can have the tax break, if you are just old , pay taxes like everyone else

 

[GPintheMitten]

You may not claim a property tax credit if your total
household resources are over $50,000. In addition, you
may not claim a property tax credit if your taxable value
exceeds $135,000 (excluding vacant farmland classified as
agricultural). The computed credit is reduced by 10 percent
for every $1,000 (or part of $1,000) that total household
resources exceed $41,000.

https://www.michigan.gov/documents/taxes/1040CR_Inst_443075_7.pdf

 

[Retiredguy2]

Well, don't collect your SS and you will save money on taxes.

Well...SS is basically our entire income...are you suggesting we go on public assistance?

 

[Retiredguy2]

I thought that the income topped out at 82K?

It has changed since Snyder came in. Retired folks are paying more.

Yeah....what about Pr*ck Snyder's pension tax? Steal from the retired folks to give his business owning cronies tax breaks...which have produced no new jobs.

 

[Retiredguy2]

I may be in the minority here but Just because someone is old does not mean they deserve a break on their taxes. In my neighborhood there are several grandparents that use their address to get the grandkids into the better schools. If you are old and poor you can have the tax break, if you are just old , pay taxes like everyone else

My former in-laws are in their 80's and they still pay for schools although their kids have been out of the system since 1970. LET THOSE WHOSE KIDS USE THE SCHOOLS PAY A BIGGER SHARE.

 

[MinnesotaEric]

During four decades of life here in Mid-Michigan I paid property taxes which were in a large part taxes to support the local schools although I never had any kids in the local school system. For the most part I did not begrudge paying the taxes because I have always felt education was an important part of success in life. And for many of my years prior to retirement I was constantly assured that once I did retire, I would be able to claim my local property taxes (as of now, 4 grand a year) as a deduction on my state income taxes. Well...guess what? I was able to claim the property tax credit for ONE YEAR...One tax year...because when I began collecting Social Security (which I also had to pay taxes on) my household income went up to the point where I could no longer claim a property tax credit. What a farce. Pretty much what I have expected all along.

Any opinions?

You're in a lower taxed state than Minnesota.

Your sales taxes are only 6%, where as our s in Minnesota are 7.2%
Your state income taxes are 4.25%, where as our state income taxes are 9.85%.
Your state doesn't tax veteran retirement income, Minnesota hates vets and taxes veteran income.

 

[Luke'sScreenName]

Where is Afagan?

Oh my! The irony!