What is a Principal Residence Exemption?
The Principal Residence Exemption is an exemption from paying the local School Operating Millage. This exemption can be claimed on the home that you own and occupy and your primary residence. If you own multiple properties, you do not get to pick which one gets the exemption, it can only be claimed on the property you use for things like: filing income taxes, receiving mail, voter registration and the like. Most people will sign the Principal Residence Exemption Affidavit at closing.

Show All Answers

1. I am a first time property owner. What important information do I need to know.
2. What is the difference between Assessed and Taxable and Capped Value?
3. How is the inflationary (CPI) increase calculated?
4. I keep hearing the phrase "Arms-Length Transaction". What does that mean?
5. I just bought a new house, will the Assessed Value be half of what I paid for it?
6. What is a Principal Residence Exemption?
7. How do forclosure / short sales affect the value of my home?
8. Do I have to let the Assessor in my home or on my property?