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MI Form 1040 - Schedule M: What You Should Know

Your property and investment income can be summarized by your Annual Assessment. Learn more about your Annual Assessment and other assessments and property tax data on the MI-1040 Annual Assessment page. For your convenience, this section contains information about property taxes, income taxes and property assessment by city in Michigan. How much does my house cost to tax? For information regarding your home's assessed value, see our Home Information page . Use the Property Tax Calculator to see your annual property tax payment. Your bill is based on the assessed value in your address. You will pay taxes twice: once on your home and once on your owner's assessment. Learn more about how your assessment is calculated. Which property can I deduct from my income? It is possible to take tax deductions for personal exemptions, capital losses, property taxes, state income tax exemptions and other exemptions. To see if your home qualifies for an exemption, download the following document and check the box on line 1: Michigan Annual Property Tax Exemption Program (APTER) Questionnaire and Statement. What property tax relief programs are available in Michigan? You can apply for the following programs: Michigan Tax Credits What is the Michigan Income Tax? The income tax is a tax paid by the person who earned money or property. This tax generally applies to wage and salary income, business, and investment income unless modified by various tax rates. The Michigan Income Tax is administered by an Independent Fiscal Oversight Board made up of 9 members appointed by the Legislature. For more information, go to the Michigan Department of Treasury website. How do the annual state income tax rates affect real estate taxes? The first dollar of each of Michigan's 10 tax rates (see figure below) is charged on the Michigan income tax form. This first dollar applies to all income subject to income and payroll taxes but does not apply to sales taxes (7 percent) and property and other property taxes (5 percent). The second dollar of each of these rates is charged on the Michigan income tax credit form. This second dollar applies any Michigan income tax that is also part of those taxes listed below. If the second dollar of a tax rate is paid on top of a first dollar of a tax rate, it is effectively reduced by that first dollar of that tax rate. For example, if your income tax rate is 10 percent, and your second dollar of the tax rate paid on the first tax rate is 5 percent, you would only pay 6 percent in income tax.

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