Form 709 for Detroit Michigan 2024-2025

Form 709 for Detroit Michigan: What You Should Know

Residential Real Property Tax Credit Residential Real Property Tax Credit, 2, for homeowners, landlords and business owners with a home value between 125,000 and 5,000,000. Amount: 1,000 for every 2,000 per taxpayer. The Credit: Must have been owned or held for 5 years, and the taxpayer must have filed Form 985 or Form 946 to take advantage of the credit (the date the benefit is taken into account is 10/31/2015) Municipal Government Taxes Detroit City Municipal Government Tax Credits, 2, including: Tax Credit — 500 for property owners who own and maintain a parking structure at least 500 Sq. Ft. in the City, or any part of the City used for parking purposes. Tax Credit — 0.25 per 100 of property value on municipal government properties. Tax Credit — 1,500 for property owners who own and maintain at least 75% of the lot in the City, for property which provides public amenities (or for any part of the lot in the City used for parking purposes) and has at least 50% of its lot's  capacity for parking. Must be used only to provide parking facilities on a portion of the lot. Tax Credits — 100 for the first 8,500 in real property, and 25 for each additional 8,500 of real property. To receive tax credits, the property must belong to the City, be used solely for the purpose of housing a business, and have met one of the following requirements: A) It is owned or leased by the City for commercial purposes only; or B) It is used solely for the purpose of housing a business and was not owned or leased for a total of 30 days before April 1st of the year preceding the year the tax-credit is claimed. If you have questions on whether an item is a tax credit or property tax deduction, contact the City Clerk's Office at or visit your local City office and look up the form you applied for.

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