What is the Principal Residence Exemption Affidavit (formerly the Homestead Exemption)?

This affidavit allows you to claim an exemption of 18 mills on your school property taxes. For your homestead to be eligible, you must own and occupy it as your legal principal residence on or before May 1st of each year. You may claim an exemption for only one principal residence and for eligible agricultural property. All principal residence affidavits are ultimately filled with the State Tax Commission, who then verifies that each property owner is in fact only claiming 1 Principal Residence Exemption.

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1. What happens to the value of my property once it transfers ownership?
2. What is the Principal Residence Exemption Affidavit (formerly the Homestead Exemption)?
3. So how will you benefit from filing a Principal Residence Exemption Affidavit?
4. Where do you file a Principal Residence Exemption Affidavit?
5. What if I did own and occupy my residence on or before May 1st, but did not file a principal residence affidavit?
6. I moved to a different home after May 1st; may I claim my new home?
7. I own two homes in Michigan. For which home do I claim exemption?