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How does the Principal Residence Exemption affect the taxes I claim on my homestead property tax credit?
The Principal Residence Exemption (PRE) may lower your property taxes. If you own and occupy your home and have not filed a PRE affidavit with your local assessor, all of your property is subject to school operating tax.
If you have not filed an affidavit and your PRE is 0%, you may include school operating millage in your homestead property tax credit claim. You may also include the 1% collection fee charged by your city or township.
If your local assessor reduces your property taxes for a prior year's liability through the Board of Review, any refund issued must be deducted from the taxes eligible for credit for the year in which you received the refund.