What is a Principal Residence Exemption (PRE)?

A Principal Residence Exemption (formerly known as a Homestead Exemption) provides a reduction in local property taxes to residential property owners who own and occupy the property as their principal residence. The Principal Residence Exemption entitles the homeowner to receive an 18-mill reduction in the millage rate. The Principal Residence Exemption applies to a single primary residence and adjacent, vacant properties. A principal residence is defined as "the one place where an owner of the property has his or her true, fixed and permanent home to which, whenever absent, he or she intends to return.

To establish the occupancy of the property as a principal residence, the Michigan Department of Treasury will accept drivers license, voters registration card, cancelled check listing the address, medical and bank statements, insurance policies and income tax records. If the property use is split between residence and business use, the Assessor will need to make a visual property inspection to determine the PRE allocation percentage.

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1. How can I obtain Information for properties in Holland?
2. When are tax bills sent out and when are they due?
3. How is my tax bill calculated?
4. What if I cannot pay my entire tax bill by the due date?
5. What type of payments do you accept for paying my taxes?
6. What is the process if I decide to pay my tax bill using my credit card?
7. How do I change my mailing address?
8. What is a Principal Residence Exemption (PRE)?
9. How do I apply for a Principal Residence Exemption?
10. What is my tax bill savings having a Principal Residence Exemption?
11. When do I need to Rescind my Principal Residence Exemption (PRE)?
12. I believe my Assessed Value is too High. What can I do to get my Assessed Value reviewed?
13. What is True Cash Value (TCV), Assessed Value (AV), State Equalized Value (SEV), and taxable Value (TV)?
14. Why is my Taxable Value, and thus my taxes, more than the previous owner had paid? What is Uncapping?