Michigan Treasury: Principal residence exemption doesn’t expire
Following false social media reports, Michigan Treasury officials are reminding residents that their principal residence exemption does not expire.
The PRE, which is separate from the Homestead Property Tax Credit filed annually with state income tax returns, exempts a residence from the tax levied by a local school district for school operating purposes up to 18 mills, according to the Michigan Treasury website.
The PRE is claimed through submitting a form to the assessor of the city or township in which the home is located. To qualify, you must be a Michigan resident who owns and occupies the property as a principal residence.
After some online posts allege the PRE expires after 25 years and Michigan taxpayers would face higher property taxes, "state Treasury Department and local assessors are experiencing a surge in inquiries from residents who are trying to verify this misinformation or submit unneeded paperwork," the Treasury Department said Monday.
“Simply put, there isn’t an expiration date on a Principal Residence Exemption,” said acting state Deputy Treasurer Anne Wohlfert, who oversees the Treasury’s state and local finance programs.
“Homeowners who have claimed a Principal Residence Exemption do not have to refile the required form unless they move.”
For information about property taxes, go to www.michigan.gov/propertytax.