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Form 4562 for Detroit Michigan: What You Should Know

HOPE exemption application The completed HOPE application must be submitted to your local City Clerk's office with a check for your local housing tax bill at least 45 days before the tax year in which the property is to be considered. Housing Opportunity Fund for Seniors (HOPE) — City of Detroit HOPE is a federal program providing resources to prevent and end homelessness among senior citizens. An application for HOPE is required. There is no need for you to obtain a property tax exemption number. When the application is completed and submitted (not a separate paper-based application like the MI Bridges application), the applicant must provide: A completed MI HOPE Application, Payment for a property tax valuation if the application is not in the form of rent or interest Payment information as required in the form Housing Opportunity Fund for Seniors (HOPE) — City of Detroit Michigan's annual property tax exemption number for seniors is 89-18891. A qualified senior household may not receive more than a maximum annual exemption of 700,000 or 20% of property value, whichever is less (i.e. for an individual 100,000 of the property value would be reduced to 20,000). Each applicant for the exemption must also complete Section 1605.10(m) of the Michigan Property Tax Code. An application for the HOPE must have received a qualified senior household exemption number at least 90 days before the property is to be considered for the exemption. Homeowners' Property Owner's Credit (HOPE) — City of Detroit HOPE is the first step into homeownership for low-income families who qualify. It also is the biggest tax break in Michigan for homeowners to purchase a new or newly renovated home. HOPE provides up to 20,000 in incentives up to 10% of the cost of a mortgage, up to a value of 80,000. The credit is available on all home purchases made with a mortgage. The HOPE credits are also available based on the sales price, income, and down payment. HOPE is only for those who do not qualify for other tax credits. If you have a home already and are thinking seriously about purchasing a replacement, do your homework before applying for this credit.  Michigan's Homeowner Mortgage Interest Relief Program (HIP) is only available if qualified buyers choose a pre-qualified mortgage.

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