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Wayne Michigan Form 8824: What You Should Know
Michigan Homestead Property Tax Credits 2023 – 2017 The Treasurer of Wayne County and the Wayne County Treasurer jointly set- up the Michigan Homestead Property Tax Credit Program. The program gives a tax credit of up to 3,000 percent of the amount of property taxes paid, if the property is located in Wayne County. If a person owns a home tax-exempt in Wayne County and wants to transfer that property to a new owner, they still have to pay taxes. The property must be transferred by a property sale, like a real estate trade, with a cash offer over 300,000 from the seller, and a cash down payment of 350,000 from the buyer. If the selling price is less than 150,000, the property is not taxed at the current property tax rate. The Michigan Homestead Property Tax Credit Program allows the seller of the property to obtain a tax advantage for taking the property off the tax rolls for an upcoming tax year and keeping it tax-exempt for two years or until the property is sold or the tax debt and principal are paid off. The seller does these things by filing a form called a Statement and Application For A Tax Credit. Form 8824 — Wayne County, Michigan Form 8824 — Detroit Receives a Property Tax Credit The Detroit Receives a Property Tax Credit Program is a program in Wayne County that was established to help individuals selling homes in Detroit receive a Michigan property tax credit. The program is similar to the Michigan Tax Exemption Credit and both programs provide an opportunity for individuals to transfer their tax liabilities and property tax credits to another Michigan taxpayer. The Michigan Housing Tax Credit is primarily in support of low income persons and families that are trying to purchase their first home or a home in the next two years.
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