To see the impact of the bond on your taxes please use our Online Tax Calculator.
The increase in taxes could potentially be offset by the Michigan Homestead Property Tax Credit. Below is a summary of the revised Michigan Homestead Property Tax Credit:
Michigan Homestead Property Tax Credit – Households that pay homestead property taxes greater than 3.2% of their annual income may be eligible for the Michigan’s Homestead Property Tax Credit. Eligible households may deduct up to 60% (up to 100% for senior citizens, please see the senior credit table below) of the millage increase cost up to a $1,500 Homestead Tax Credit limit. The eligibility for the credit begins to decrease after household income exceeds $51,001 and ends completely after the household income exceeds $60,001.