So how will you benefit from filing a Principal Residence Exemption Affidavit?

Here's an example of what your taxes would be on a property with $50,000 taxable value which did not claim a principal residence exemption, compared to the same property with a principal residence exemption:

Non-Principal Residence

$50,000 Taxable Value
Times 39.58 Principal residence Millage Rate
Comes to $1,979 Total Tax Bill for 1 Year

As you can see from this example, it is very beneficial to file a Principal Residence Affidavit for your principal property!

Show All Answers

1. What happens to the value of my property once it transfers ownership?
2. What is the Principal Residence Exemption Affidavit (formerly the Homestead Exemption)?
3. So how will you benefit from filing a Principal Residence Exemption Affidavit?
4. Where do you file a Principal Residence Exemption Affidavit?
5. What if I did own and occupy my residence on or before May 1st, but did not file a principal residence affidavit?
6. I moved to a different home after May 1st; may I claim my new home?
7. I own two homes in Michigan. For which home do I claim exemption?