Under Michigan's Principal Residence Exemption (PRE), a homeowner's primary residence is exempt from up to how many mills of school operating taxes?
Correct Answer
A) 18 mills of school operating taxes
Michigan's Principal Residence Exemption (PRE) exempts a homeowner's primary residence from up to 18 mills of school operating taxes. This is established under Michigan law and represents one of the most significant property tax benefits available to Michigan homeowners who occupy their property as their principal residence.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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