What is a Principal Residence Exemption (PRE)?
In Accordance with MCL 211.7dd, a principal residence is defined as the “…one place where an owner of the property has his or her true, fixed, and permanent home, to which whenever absent, he or she intends to return…”. An exemption means that the home, after applying and qualifying with the local assessor, is not subject to the tax levied by a local school district for school operating purposes up to 18 mills.
Related Questions
- If a borrower sells his or her current residence during the construction term and wishes to pay-down their construction loan (principal reduction), how will Construction Loan One treat this?
- Do the Request to Rescind Principal Residence Exemption (Form 2602) and Form 4640 both need to be filed?
- What is Principal Residence Exemption (PRE) Active Duty Military Affidavit?
