Homestead Property Tax Credit available for eligible Michiganders Scripps Tax experts say with so many business and employment situations changing during the pandemic it's making for a unique tax season with many questions and unique situations. and last updated 2021-04-08 16:03:30-04 LANSING, Mich. â Working families and individuals with household resources of $60,000 or less per year may be eligible for a Homestead Property Tax Credit, according to the Michigan Department of Treasury. For most people, the tax credit is based on a comparison between property taxes and total household income, with homeowners paying property taxes directly and renters paying them indirectly with their rent.