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The statutory terms of the Michigan homestead exemption law use a two
tiered approach for establishing the allowable value limit. Individuals,
including spouses and dependents, are permitted $30,000 fair market
value, while persons 65 or older may claim $45,000 in exempt equity.
The Michigan Homestead Exemption Act also allows for value
adjustments based on the consumer price index, so the current amount of
the exemption changes from time to time in response to fluctuations in
the general economy. The add a layer of protection when claiming home
exemptions, use the Michigan homestead exemption form provided by the
Office of the County Clerk throughout Michigan counties.
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