MI HB5275

Increases the homestead taxable value cap for property tax credit eligibility from $135,000 to $165,400 for the 2025 tax year, with annual inflation adjustments beginning in 2026

Raises the minimum total household resources threshold from $51,000 to $62,500 for the 2025 tax year, above which the property tax credit is reduced by 10% for each $1,000 increment

Increases the maximum annual property tax credit from $1,500 to $1,900 per year starting in the 2025 tax year, with annual inflation adjustments beginning in 2026

Adds a definition of "disabled veteran" referencing the general property tax act and exempts credits for disabled veterans from the maximum credit cap

Changes eligibility criteria for veterans from "income as defined in this chapter" to "total household resources" for determining serviceperson, veteran, or widow/widower eligibility