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What is the personal exemption for 2024 in Michigan?

The tax rate is 4.25% and taxpayers receive a personal exemption of $5,400 per dependent in TY 2023 and is estimated to be $5,600 in TY 2024.

What is Michigans personal exemption?

You may only claim one special exemption per person if it applies to you, your spouse, and your dependents; the special exemption allowance is $3,100. NOTE: For the 2023 tax year, the exemption allowances for the personal and stillbirth exemptions are $5,400.

What is Michigan SBT?

Michigans single business tax (SBT) is a value-added tax (VAT), and the only major tax of its kind in the United States.

Who is exempt from paying property taxes in Michigan?

Property Tax Exemption An eligible person must own and occupy his/her home as a principal residence (homestead) and meet poverty income standards. The local Board of Review may interview the applicant in order to determine eligibility, ing to the local guidelines, and will review all applications.

What is the standard deduction for 2024?

Standard deduction 2024 (taxes filed 2025) In 2024, the standard deduction is $14,600 for single filers and those married filing separately, $29,200 for those married filing jointly, and $21,900 for heads of household. The 2024 standard deduction applies to tax returns filed in 2025.

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