Sarah purchases a home in Grand Rapids and moves in on March 15. She wants to receive the Principal Residence Exemption (PRE) for the current tax year. By what deadline must she file her PRE affidavit with the local assessor?
Correct Answer
D) June 1 of the current year
Under MCL 211.7cc, a homeowner must file a Principal Residence Exemption affidavit with the local assessor by June 1 to receive the PRE for the summer tax levy of the current year. Filing by June 1 ensures the exemption applies to that year's school operating taxes. There is also a November 1 deadline, but that applies to the winter tax levy for the following year. Since Sarah moved in on March 15, filing by June 1 is the correct deadline to capture the current year's benefit.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The income approach estimates a property's value based on the income it generates by converting net operating income into a value estimate using a capitalization rate. It is the preferred method for income-producing properties.
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
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