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  • Form 2602 - Request To Rescind Principal Residence Exemption

Get Form 2602 - Request To Rescind Principal Residence Exemption

This form must be filed with the assessor for the city or township where the property is located. ... I am rescinding the Principal Residence Exemption claimed for this property because (check appropriate.

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How to fill out the Form 2602 - Request To Rescind Principal Residence Exemption online

This guide will provide you with comprehensive instructions on how to fill out the Form 2602, which is used to rescind your principal residence exemption. Completing this form accurately is crucial for proper handling by local authorities.

Follow the steps to complete Form 2602 online.

  1. Press the ‘Get Form’ button to access the form and begin filling it out.
  2. Enter the property tax identification number in the space provided. This number can be found on your tax bill or property tax assessment notice. It is essential for accurate processing.
  3. Provide the complete ZIP code, street address, and specify the name of the township or city where the property is located.
  4. Indicate the county where the property is situated.
  5. Fill in the owner's full name (first, middle, last) and social security number. If there is a co-owner, provide their full name and social security number as well.
  6. Enter the daytime phone number of the property owner for contact purposes.
  7. Select the reason(s) for rescinding the exemption by checking the appropriate box or boxes that apply to your situation.
  8. If the ownership or occupancy has changed, specify the new percentage that you occupy as your principal residence, if applicable.
  9. Provide the effective date for the changes indicated in the previous sections.
  10. Indicate whether the rescission applies to the owner, co-owner, or both by selecting the appropriate box.
  11. If there has been a change in ownership, list the new owner's name and co-owner's name if applicable.
  12. Sign and date the form to certify that the information provided is correct to the best of your knowledge.
  13. If necessary, enter a different mailing address from the property address.
  14. Save your changes, and choose to download, print, or share the completed form as needed.

Complete your Form 2602 online to ensure your principal residence exemption is accurately processed.

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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.

However, the principal residence exemption makes you exempt from paying capital gains tax when you sell their designated principal residence. If, like most people, you only own and live in one house, that's your principal residence and you won't have to pay taxes on your gains.

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.

If you claim an exemption and no longer use the home as a principal residence, you must notify your township or city assessor by filing the Form 2602, Request to Rescind Homeowner's Principal Residence Exemption within 90 days of the change or you may be penalized.

The principal residence exemption is an income tax benefit that generally provides you an exemption from tax on the capital gain realised when you sell the property that is your principal residence. Generally, the exemption applies for each year the property is designated as your principal residence.

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.

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.

The tax rules contain a rule that provides relief in this case. ... Therefore, if a taxpayer is a non-resident throughout a taxation year in which the property was acquired, the taxpayer will not be eligible for the extra year in calculating the principal residence exemption amount.

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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
Help Portal
Legal Resources
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