If you’re a Michigan resident and have taken advantage of the Conditional Rescission of a Principal Residence Exemption (PRE), remember to file Form 4640 with your city or township assessor on or before December 31st to receive the exemption for the coming year.
The conditional rescission allows for an owner to have a PRE on a current Michigan property and on a previously exempted property at the same time. If that property is currently for sale, is not occupied or leased, and is not used for any business or commercial purposes, an owner can retain the exemption on this property simultaneously with their current exempted property for up to three years.
If you’ve moved, have your previous home for sale and you meet the above criteria, be sure to take advantage of this opportunity. To initially qualify for the conditional rescission, you must have this same form filed with the city or township by May 1st of the year of the claim (and then submit it annually before December 31st as mentioned above for each subsequent year).
If you’re looking to claim an exemption for a property in the Traverse City area, feel free to contact me and I would be more than happy to answer any questions you may have and help you with the filing process.
Jason Kudary - Traverse City Real Estate