MI-1040CR-5, 2004 Michigan Farmland Preservation Tax Credit Claim 2004 Michigan Farmland Preservatio-2025

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Farmland Preservation Tax Credits Michigans Farmland and Open Space Preservation program (PA 116) preserves farmland and open spaces and offers tax relief to farmers who voluntarily participate in temporary farmland preservation agreements.
Who Qualifies? You can claim a property tax credit if all the following apply: You are considered a natural person (owner or claimant), and not a living trust, irrevocable trust, or other legal entity, such as a S corporation or LLC, etc. Your homestead is in Michigan (whether you rent or own).
You were a Michigan Resident for at least 6 months of the year you are filing in. You have Total Household Resources (THR) under a specified amount adjusted annually. You own and occupy the homestead you are claiming for credit or you occupy your rental under a contract lease agreement.
One of the key requirements is occupancy status homestead exemptions are typically only available for primary residences. Some other factors that may impact eligibility include your age and income, as well as your marital, veteran or disability status.
Michigans Homestead Property Credit, Form MI-1040CR, is a refundable credit for both homeowners and renters. The Homestead Property Credit is for the taxpayers main residence. Only one home is considered a homestead at a time, and any additional property owned or rented to others is not considered a homestead.
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Long-term Resident Senior Exemption The property must qualify for a homestead exemption. At least one homeowner must be 65 years old as of January 1. Total Household Adjusted Gross Income for everyone who lives on the property cannot exceed statutory limits.
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.
The Farmland Preservation Credit gives back to farmland owners a share of the property tax they pay on their farmland. Farmland owners qualify for the credit by agreeing to keep the land as farmland and not develop it for another use.

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