mini houses on stackes of coins

New Law Affecting the Principal Residence Exemption

mini houses on stackes of coinsEffective October 5, 2017, the law regarding the Michigan principal residence exemption (“PRE”) has changed.  The PRE allows Michigan property owners to save on their property tax bills for their primary residence. The PRE exempts the property from the tax levied by a local school district for school operating purposes up to 18 mills.  Click here to learn more about the amendments to this law.