James purchased a home in Traverse City, Michigan in January. He properly filed his PRE affidavit with the local assessor in July. For which tax year will James first receive the benefit of the Principal Residence Exemption?
Correct Answer
A) James will receive the PRE for the current tax year because he filed before the November 1 deadline
Michigan allows homeowners to file a PRE affidavit by either June 1 or November 1 to receive the exemption for the current tax year. Since James filed in July, he has met the November 1 deadline and will receive the PRE for the current tax year. Both June 1 and November 1 are valid filing windows within the same tax year — missing the June 1 date does not mean waiting until the following year, as long as the affidavit is filed by November 1.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
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