The Michigan Department of Treasury is reminding Michiganders that a Principal Residence Exemption, known as a PRE, does not expire.
Inaccurate posts being shared on social media are claiming that Michigan taxpayers will experience a surge in property taxes due to their PRE expiring after 25 years.
Since the posts started being shared the state Treasury Department and local assessors are experiencing a large amount of in inquiries from residents who are trying to verify this misinformation or are submitting unneeded paperwork.
“Simply put, there isn’t an expiration date on a Principal Residence Exemption,” said acting Deputy State Treasurer Anne Wohlfert, who oversees Treasury’s State and Local Finance programs. “Homeowners who have claimed a Principal Residence Exemption do not have to refile the required form unless they move.”
A PRE exempts a residence from the tax levied by a local school district for school operating purposes up to 18 mills.
To qualify for a PRE, a person must be a Michigan resident who owns and occupies the property as a principal residence.