Principal Residence Exemption
(PRE)
Principal residence means the dwelling that you own & occupy as your permanent home & any unoccupied adjoining or contiguous properties that are classified residential or timber-cut over.
By far one of the best ways to save money on taxes. Savings is specifically up to 18 mills of school operating tax.
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You can only claim on one property and must be a Michigan resident. This is a hefty topic, so reach out with additional questions/concerns!
CONDITIONAL
PRE RESCISSION
Link to Conditional Rescind Form
The conditional rescission allows an owner to receive a PRE on his or her current Michigan property and on previously exempted property simultaneously if certain criteria are met.
An owner may receive the PRE on the previous principal residence for up to three years if that property is not occupied, is for sale, is not leased and is not used for any business or commercial purpose.
ELIGIBLE
DEVELOPMENTAL
EXEMPTION
Link to Developmental (Builder) Exemption
“Eligible development property” means real property which was not previously exempt under MCL 211.7ss & which is a residential dwelling, condominium unit, or other residential structure that was new construction & the land on which that structure is located, if the real property meets all of the following conditions:]
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• Is not occupied and has never been occupied.
• Is available for sale.
• Is not leased.
• Is not used for any business or commercial purpose
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May be filed up to 3 years in a row.
The summer bill deadline is June 1, and the winter bill deadline is November 1.
DISABLED
VETERAN
EXEMPTION
Link to Disabled Veteran Affidavit
A “Disabled veteran” can be defined as a veteran who is a resident of this state & who meets 1 of the following criteria:
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1. Has been determined by the US Dept. of Veterans Affairs to be permanently & totally disabled as a result of military service & entitled to veterans’ benefits at the 100% rate.
2. Has a certificate from the United States Department of Veterans Affairs certifying that the veteran is receiving or has received pecuniary assistance due to disability for specially adapted housing.
3. Has been rated by the US Dept. of Veterans Affairs as individually unemployable.
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Additionally, a surviving spouse of a disabled veteran who, immediately before death, was eligible can apply. An exemption under this subdivision continues as long as the surviving spouse does not remarry, & applies to any property used & owned as a homestead by the surviving spouse, including homestead property acquired after the decedent's death