Subject: Important Real Estate Documents Related to Your Michigan Homestead Property Dear [Client's Name], I hope this letter finds you well. I am writing to inform you about some crucial real estate documents related to your beloved Michigan homestead, which require your attention and action. As your trusted real estate advisor, I believe it is crucial for you to have a clear understanding of these documents and their significance in protecting your property interests. 1. Homestead Exemption Application: The Homestead Exemption Application is a vital document that you need to file with the local Michigan taxing authority (usually the county assessor's office) to avail yourself of the homestead tax benefits. By filling out this application, you can potentially reduce your property taxes by declaring your primary residence for tax purposes. This exemption can lead to significant annual savings, so it's essential to ensure that you complete and submit the form accurately and within the specified timeframe. 2. Michigan Homestead Deed: The Michigan Homestead Deed serves as the legal proof of your ownership and residency in your homestead property. It outlines your rights, protections, and limitations on the property. Reviewing this document regularly ensures that all the details, including property description, restrictions, and encumbrances, are accurate and up to date. If you encounter any discrepancies or feel the need to make changes, it is advisable to consult with an attorney well-versed in real estate law. 3. Title Insurance Policy: A Title Insurance Policy is crucial to protect your ownership rights and investment in your Michigan homestead property. This policy provides coverage for potential title defects, liens, encumbrances, or other unknown issues that may jeopardize your property rights. Review your policy carefully to ensure it adequately covers your property and familiarize yourself with the coverage terms, exclusions, and claim procedures. 4. Property Tax Assessments: Property tax assessments are periodically conducted by local taxing authorities. This assessment determines the taxable value of your Michigan homestead property, which directly influences the amount of property taxes you need to pay. Keep an eye on these assessments to ensure their accuracy, as errors or incorrect valuations could result in unnecessary financial burdens. If you believe your property has been over-assessed, you have the right to contest the assessment through appropriate channels. 5. Michigan Homestead Declaration: The Michigan Homestead Declaration is a document filed with the county register of deeds to affirm your intention to claim homestead exemption and protect your property from certain creditors. This declaration enhances the protection of your home against bankruptcy proceedings, preventing forced sale under certain circumstances. Please note that this letter offers general information on real estate documents related to your Michigan homestead property and does not constitute legal advice. It is always prudent to consult with an experienced real estate attorney or professional for personalized guidance specific to your situation. If you require assistance with any of the mentioned documents or have further questions, please don't hesitate to contact me. Your peace of mind is my utmost priority, and I am here to help navigate any real estate concerns you might have. Warm regards, [Your Name] [Real Estate Advisor] [Company/Organization Name]
Michigan Sample Letter to Client regarding Real Estate Documents related to Homestead
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You must be the owner and occupant or be contracted to pay rent and occupy the dwelling. You can only have one homestead at a time. Cottages, second homes, property you own and rent/lease to others, and college dormitories do not qualify as a homestead.
Depending on the local millage, non-homestead status can raise your taxes 40% to 100%. Example; City of Howell millage is about 42. So adding 18 mils school operating tax raises it about 40%.
Principal Residence Exemption (Homestead Exemption) This is usually an 18-mill reduction in calculated taxes. This means that a homeowner is usually going to pay $18 less per $1,000 of taxable value on a principal residence than if it was a cottage or second home.
Michigan Department of Treasury Form 2368 (Rev. 6-99), Homestead Exemption Affidavit, is required to be filed if you wish to receive an exemption. Once you file on a residence, no additional filings are required as long as the claimant's exemption status remains unchanged.
A claim for refund and/or credit must be made within 4 years from the due date set for filing the annual return. For example, the 2018 homestead property tax credit must be filed by April 18, 2023.