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Form Instructions 843 for Detroit Michigan: What You Should Know

If you were assessed property taxes in the year you are filing this return, you have to file again. The property taxes have already been assessed and reported to the proper taxing authority. 1. Fill out Form 843. 2. You may have to indicate your income and expenses. 3. File both forms together with a copy of all supporting documents Form 843 was created as a correction of the errors made in the first year to estimate how much of your estimated tax liability is due to your errors, and as a form which the IRS can use to report your estimated tax liability (as opposed to you reporting the amount on your tax return).  You will have to wait at least five (5) years from the date of the original assessment date before filing an amended return for the additional amount due. How much of your tax liability for the current year will be reduced? If you are an owner-occupied, qualified principal residence (or a corporation that is entitled to the principal residence exclusion) and you are a Michigan taxpayer (or have an account in Michigan) for the 2023 tax year, there will be a reduction of 40.00 per 100 of property value. What if you file Form 843 in more than one tax year? There is an exception for a taxpayer with property in multiple Michigan taxing authorities who file an amended return each year with the property values reduced by 40.00 for the current tax year. If a taxpayer makes more than one return and files an amended return in each Michigan taxing authority, the taxpayer must include all amounts included in the original returns with one amended return on which all prior reductions are deducted from the assessed value of the property; not just the reduced amount. The 40.00 reduction is not subject to the 10% or 12% reduction requirements for returns filed on or after 1/1/13. Form 843 must be filed by any filing due date for each tax year when the taxpayer's property is assessed a value of less than 150,000 and at least 100,000, plus the reduction for the year in which the property was assessed at a value of 150,000 or more. The 40.00 reduction does not reduce the assessed value for the balance of the year. Nor does the assessment for any subsequent year. It begins as part of the total tax bill.

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