Post Number: 754
|Posted on Tuesday, May 29, 2007 - 9:29 pm: || |
Anyone gone through this process? It looks arduous, but it'd mean about $7K come tax time.
First thing that tells you it'll be a long ride: I have to get in touch with someone in the city offices and have them fill out a form.
Post Number: 1201
|Posted on Wednesday, May 30, 2007 - 9:57 am: || |
Post Number: 285
|Posted on Wednesday, May 30, 2007 - 10:30 am: || |
I have some friends in Saginaw who have done it. Its alot of work but its really worth it.
Post Number: 1134
|Posted on Wednesday, May 30, 2007 - 10:48 am: || |
rhymes; the firm i work with have done that process for and have worked with owners who have completed the tax credit process. while it is possible to handle it by yourself, it is a very lengthy and drawn out process that if not completed correctly will forfeit credits. if you have any interest in talking to, or even hiring someone who can help you out, feel free to contact me: email@example.com and i will forward my business information to you.
just keep in mind that you do not receive your 15%-25% of renovation costs until the state of michigan approves the completed renovations. it's meant more of a reimbursement than subsidy. however, you can use the tax credits as collateral for a home improvement loan. also keep in mind that the renovations have to be at least 1/2 the value of the property to qualify.
Post Number: 2626
|Posted on Wednesday, May 30, 2007 - 11:02 am: || |
also keep in mind that the renovations have to be at least 1/2 the value of the property to qualify.
RSA that is incorrect. To use the state credit, The value of the renovation only needs to be 10% of the SEV. The SEV is usually 50% of the properties real value. So 5% of the properties value.
from http://www.michigan.gov/docume nts/hal_mhc_shpo_taxincen_5215 4_7.pdf
5. Qualified rehabilitation expenditures must be
equal to or greater than 10 percent of the State
Equalized Value (SEV) of the property.
Post Number: 1135
|Posted on Wednesday, May 30, 2007 - 11:10 am: || |
drat; i knew i was mixing up my percentages on the value. thanx for the correction ndavies.
Post Number: 2185
|Posted on Wednesday, May 30, 2007 - 12:15 pm: || |
If you are going to do this (which is a very good program if you plan some significant renovations) I'd check with the state before jumping in headfirst into an application. These tax credits were frozen as part of the overall freeze on grants and tax credits the governor did a month or two ago. They may have released the hold on this, but be sure to check first.
The state historic tax credits are also rumored to be on the chopping block for next year's budget discussion (budget year starts Oct. 1 2008). So if they are taking applications, now is the time to go for them before they potentially disappear.