What does taxable value mean
What does "taxes levied" mean?
Taxes imposed or billed. The property tax credit is based on taxes levied for the year of the claim regardless of when the taxes are paid.
Who qualifies for a property tax credit?
You may claim a property tax credit if all of the following apply:
Your homestead is located in Michigan.
You were a Michigan resident at least six months of the year for which you are claiming a credit.
You pay property taxes or rent on your Michigan homestead.
You are the occupant as well as the owner or renter of your Michigan homestead.
Your household income is less than $82,650.
I get property tax statements if I am buying a home and only received a mortgage interest statement?
You can request copies of property tax statements from your local Treasurer's office.
If I have vacant parcels that are adjacent or contiguous to my homestead, may I claim the taxes on them?
Yes, unless the parcels are rented to someone else.
If you are claiming multiple vacant parcels that are adjacent and contiguous make sure to use the combined taxable value of all parcels for credit computation.
What is the classification of Real Property?
If my homestead percentage indicated on my tax statement is other than 100% or 0%, how do I compute my taxes?Source: www.kalcounty.com