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What is considered primary residence in Michigan?

Michigan law defines principal residence as the one place where a person has his or her true, fixed, and permanent home to which, whenever absent he or she intends to return and that shall continue as a principal residence until another principal residence is established.

How is principal residence exemption calculated in Michigan?

A property must be owned and occupied as a principal residence on or before May 1st to qualify for the exemption for that assessment year. The property tax calculation is a straightforward multiplication with the formula being: Taxable Value x Millage Rate = Property Tax.

What is the principal residence exemption?

The principal residence exemption is an income tax benefit that generally provides you an exemption from tax on the capital gain realised when you sell the property that is your principal residence. Generally, the exemption applies for each year the property is designated as your principal residence.

Can each spouse claim separate primary residence in Michigan for tax purposes?

A married couple, filing income tax returns jointly, are generally entitled to no more than one principal residence exemption . However, there are exceptions to these rules . The law allows a temporary, additional exemption for up to three years on an unoccupied homestead listed for sale .

mi form 2368

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