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  • Form 2602

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Year Year 2602 Inst. INSTRUCTIONS This form enables people who are selling or converting their home to another use to rescind their exemption. It also enables people to change the percentage that they occupy as their principal residence or to remove an exemption they had been receiving erroneously. Issued under P. A. 237 of 1994. Filing is required if you wish to adjust an exemption. Michigan Department of Treasury 2602 Rev. 6-99 Formerly T-1067 .

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How to fill out the Form 2602 online

Form 2602 is a request to rescind or withdraw homestead exemption, required for modifying property tax exemptions. This guide provides detailed instructions to assist users in completing the form online effectively.

Follow the steps to complete your Form 2602 online.

  1. Click ‘Get Form’ button to obtain the form and open it in your preferred online editor.
  2. Begin by filling out the Property Information section. Enter the property tax identification number in the first field, which can be located on your tax bill or assessment notice. Ensure that the information is typed or printed legibly.
  3. In the subsequent fields, input the street address of the property, the corresponding ZIP code, the name of the township or city, and the county.
  4. Next, fill in the owner's name, social security number, and daytime phone number. If there is a co-owner, provide their name and social security number as well.
  5. Proceed to Part A to either change an existing exemption or declare a rescind. Check the box if the property has sold or been converted to a non-residential use, and enter the new percentage of the property occupied as a principal residence.
  6. If applicable, enter the effective date of the change in the designated fields.
  7. If completing Part B, indicate the first year the exemption was erroneously received.
  8. In the Certification section, provide the owner's and co-owner's signatures along with the date.
  9. Lastly, if the mailing address differs from the property address, fill in the necessary fields and ensure all information is accurate before saving your changes.
  10. After completing the form, you can download, print, or share it as needed. Ensure you send it to the appropriate assessor for processing.

Begin filling out your Form 2602 online today to manage your property exemptions efficiently!

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What is the Michigan Principal Residence Exemption? In Michigan, the PRE is a reduction of 18 mils each year on your property taxes on your primary residence. A mil is defined as $1 of tax per $1,000 of Taxable Value.

A pre-emption right, right of pre-emption, or first option to buy is a contractual right to acquire certain property newly coming into existence before it can be offered to any other person or entity. It comes from the Latin verb emo, emere, emi, emptum, to buy or purchase, plus the inseparable preposition pre, before.

A Principal Residence Exemption (PRE) exempts a residence from the tax levied by a local school district for school operating purposes up to 18 mills. ... The PRE is a separate program from the Homestead Property Tax Credit, which is filed annually with your Michigan Individual Income Tax Return.

Individuals with a household income of $60,000 or less a year may be eligible for a Homestead Property Tax Credit, according to the Michigan Department of Treasury. Michigan's Homestead Property Tax Credit can help taxpayers if they are a qualified homeowner or renter and meet certain requirements.

A family unit (the taxpayer, along with her spouse and any unmarried minor children) is entitled to one principal residence exemption (PRE) per year. Check if the property is eligible (see PRE criteria ). Determine in what years the property was your client's principal residence.

Example of principal residence exemption calculation: The exemption amount is (14 + 1)/20 x 100,000 = $75,000, leaving a capital gain of $25,000, and a taxable capital gain (50%) of $12,500.

In Michigan, your house is a homestead if you live in it for at least 6 months out of the year. ... If the house you're looking at is considered non-homestead when you're buying it, the property taxes will be higher. But if it will be your homestead, then your taxes will be lower.

What is the Michigan Principal Residence Exemption? In Michigan, the PRE is a reduction of 18 mils each year on your property taxes on your primary residence. A mil is defined as $1 of tax per $1,000 of Taxable Value. Millage data can be found on the State of Michigan site here.

A Principal Residence Exemption (PRE) exempts a residence from the tax levied by a local school district for school operating purposes up to 18 mills. ... The PRE is a separate program from the Homestead Property Tax Credit, which is filed annually with your Michigan Individual Income Tax Return.

Property must be eligible as per CRA. The person claiming the exemption must own or co-own the property in the tax year. The home must be ordinarily inhabited by the owner, her current or former spouse or common-law partner, or her child.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232