A licensed Michigan real estate salesperson is advising her buyer client, who just closed on a home in Kent County. The buyer asks whether he needs to do anything after closing regarding property taxes. Which of the following actions should the salesperson advise the buyer to take to preserve the Michigan Principal Residence Exemption (PRE)?
Correct Answer
A) File a PRE affidavit with the local assessor by June 1 or November 1 of the year the property becomes the principal residence
Under MCL 211.7cc, a Michigan homeowner must file a Principal Residence Exemption (PRE) affidavit with the local assessor (not the Register of Deeds) by June 1 to receive the exemption for the summer tax levy, or by November 1 to receive it for the winter tax levy. The PRE is not automatic — affirmative filing is required. This exempts the principal residence from up to 18 mills of school operating taxes.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
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