Fill out the Homestead Tax Credit, 54-028 form. Return the form to your city or county assessor.Eligible claimants who are 65 years of age or older on or before January 1 of the assessment year are now eligible for a homestead tax exemption. A tax credit for qualified Michigan home owners and renters, which helps to pay some of the property taxes homeowners or renters have been billed. An applicant should com- plete both Form MI-1040CR and Form MI-1040CR-2, and return whichever form gives a larger credit, if the applicant is any of the. Because of this, your property tax bill would be lower. Homestead Property Tax Credit Claim and Home Heating Tax Credit. To ensure you qualify, be sure to click the link next to the summary to see your state's complete tax exemption requirements. Pre-populated Homestead Tax Credit Application Forms are available to be printed from within your parcel on our website. Securing your today and tomorrow.