Section 206.32. Veteran's homestead property tax credit.

(1) The credit allowed servicemen, veterans, or their widows under the requirements of section 506 of Act No. 281 of the Public Acts  of 1967, being S206.506 of the Michigan Compiled Laws, shall be known  as  a veteran's homestead property tax credit.

(2) A person eligible for the veteran's credit may file a claim  for  the year in which he first became eligible and all years thereafter for which he remains eligible, including the year in which his eligibility is terminated. Eligible claimants of a veteran's homestead  property  tax

credit who buy or sell and rent a home during the tax  year    shall     compute their credit as shown in the following example:

John Brown is an eligible veteran  with  a  30%  service-connected disability which entitles him to a state equalized value allowance of $3,500.00. He sold his home in March and moved out on April 30. Its state equalized value was $10,500.00. The taxes for the entire year amounted to $546.00. He rented a home for the next 5 months for $275.00  per   month.   He purchased a new which he moved into on  October

1. The state equalized value is $15,000.00. Taxes of $780.00 were assessed for the entire  year. Mr. and Mrs. John Brown's household income for the tax  year  amounted to $12,000.00.

Figure for 206.32

Note: Veterans renting a homestead subject to a service fee in lieu of property taxes should enter their share of the service fee on line  47 instead of 17% of rent paid. See your management agent for your   share   of the service fee.

History: 1979 AC.