What is the Principal Residence Exemption or “Homestead” exemption?

If you own and occupy your home as your primary residence you may qualify for the Principal Residence Exemption (PRE). This exempts you from a portion of your local school operating millage. To claim a PRE you must file the form at the Assessing Department. When you no longer qualify you must file the rescission.

Please visit the State of Michigan website for information and guidelines regarding the PRE.

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1. What does the Assessing Department do?
2. What is the difference between Assessed Value and Taxable Value?
3. How are my property taxes calculated?
4. How is my property value calculated?
5. Shouldn’t the Assessed Value be half of what I paid?
6. I recently purchased a home. Will my property taxes be the same as the prior owner’s taxes?
7. What is the Principal Residence Exemption or “Homestead” exemption?
8. Are there any other exemptions/reductions available to me?
9. What is a Property Transfer Affidavit?
10. What is the Real Property Statement that you mailed to me and why are you asking me for this information?
11. What if I am unhappy with my assessment?