Mich. Admin. Code R 206.32 — Veteran's homestead property tax credit

Rule 32. (1) The credit allowe d servicemen, veterans, or their widows under the
requirements of section 506 of Act No. 281 of the Public Acts of 1967, being S206.506
of the Michigan Compiled Laws, shall be kno wn as a veteran's homestead property
tax credit.
(2) A person eligible for the veteran's credit may file a claim for the year in which
he first became eligible and all years thereafter for which he remains eligible, including
the year in which his eligibility is terminated. Eligible claimants of a veteran's
homestead property tax
credit who buy or sell and rent a home during the tax year shall compute their
credit as shown in the following example:
John Brown is an eligib le veteran with a 30% service-connected disability
which entitles him to a state equalized value allowance of $3,500.00. He sold his
home in March and moved out on April 30. Its state equalized value was $10,500.00.
The taxes for the entire year amounted to $546.00. He rented a home for the next 5
months for $275.00 per month. He purchased a new which he moved into on October
1. The state equalized value is $15,000.00. Taxes of $780.00 were assessed for the
entire year. Mr. and Mrs. John Brown's househol d income for the tax year amounted
to $12,000.00.

Figure for 206.32

Note: Veterans renting a homestead subject to a service fee in lieu of property
taxes should enter their share of the service fee on line 47 instead of 17% of rent
paid. See your management agent for your share of the service fee.