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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 115454
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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What happens to the amount of the Michigan Homestead

Customer Question

What happens to the amount of the Michigan Homestead Exemption I can claim when I by a Michigan home?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Michigan
JA: Has any paperwork been filed?
Customer: No. I am considering buying a home and I learned that the S.E.V. can change. I need to know How this occurs and buy how much.
JA: Anything else you want the lawyer to know before I connect you?
Customer: I think that should suffice.
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 7 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
I am sorry, but I do not know what specifically you are asking so please use reply to follow up if necessary, the Personal Residence Exemption changes based on the year in which it is filed. You have to file to get the exemption after you purchase the home. See: http://www.michigan.gov/taxes/0,4676,7-238-43535_43539---,00.html
You can also qualify for a homestead tax exemption, based on your income and you have to apply for that as well. See: http://www.michigan.gov/taxes/0,4676,7-238-43535_43538-155081--,00.html
Customer: replied 7 months ago.
I want to know what the criteria is that allows a Michigan local Assessor to change the taxable value of a parcel of Michigan real estate.
Expert:  Law Educator, Esq. replied 7 months ago.
Thank you for your reply
If you look at the two links it gives the state MCL that allows the assessor to reassess the property values annually as well as the income qualifications, both of which change annually. You may need to copy and paste those links into your browser, not just click on them, due to a technical issue with the site. However, each of those programs has different criteria and have links to the pdf files with the detailed explanations and MCL for the authority.