Homestead Exemption With Tax Return In Michigan
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FAQ
Complete the Michigan Form 2602 The form you use to remove this exemption is a State of Michigan form called the Request to Rescind Principal Residence Exemption (PRE). Make sure to file this form shortly after you sell your home.
The exemption is not entered anywhere on your federal income tax return. Homestead exemptions are usually filed at your county courthouse, at the tax assessor's office.
To claim a PRE, the property owner must submit a Principal Residence Exemption (PRE) Affidavit, Form 2368, to the assessor for the city or township in which the property is located.
The taxable value is the value on which property taxes are calculated. It can be found on the property tax statement or by contacting the local assessor.
Public Act 74 of 1995 provides for an exemption to be filed by mail or in person at the July or December Board of Review for the year of the claim, or the following year's July or December Board of Review. To petition the Board of Review you must submit a signed Affidavit for Homestead Exemption (form 2368).
You must live in the home to qualify for the tax break. Some states exempt a certain percentage of a home's value from property taxes, while other states exempt a set dollar amount. If your state uses a percentage method, the exemption will be more valuable to homeowners with more valuable homes.
