Michigan Homestead Property Tax Credit
Are you receiving the maximum credit allowed for property taxes paid on your farm?
When it comes to farmers and the Michigan Homestead Property Tax Credit, taxes paid on property other than your residence may also be eligible for the credit. Depending on your total gross receipts from farming activities and other sources of income you may have in a given year, all or a portion of the property taxes you pay on agricultural property may be claimed for the credit.
When claiming the Michigan Homestead Property Tax Credit, be sure to include any amounts received in the prior year from the Farmland Preservation Tax Credit in your total household income. On the contrary, do not include any amounts received in the prior year from the Michigan Homestead Property Tax Credit.
To learn more about the Michigan Homestead Property Tax Credit and the types of property taxes that can be claimed for credit see, General Information – Homestead Property Tax Credit (MI-1040CR) provided by Michigan.gov.
The professionals of Yeo & Yeo’s Agribusiness Services Group are experienced in agricultural accounting needs such as farm tax credits. Our CPAs and business consultants can work with you to develop a farm tax strategy that will assure you are taking advantage of all the available deductions, incentives and tax credits.
Contact our team of Agribusiness tax specialists here.