Completing and submitting this form allows you to claim an exemption from some school operating taxes.
Used when your exempted property is no longer used as your principal residence.
This enables a person who has established a new principal residence to retain a PRE on property previously exempt as the owner's principal residence. The conditional rescission allows an owner to receive a PRE on his or her current Michigan property and on previously exempted property simultaneiously if certain criteria are met. An owner may receive the PRE on the previous principal residence for up to three years if that peroprty is not occupied, is for sale, is not leased, and is not used for any business or commercial purpose.
Approval of a division of land is required before it is sold, when the new parcel is less than 40 acres and not just a property line adjustment.
This form must be filed whenever real estate or some types of personalproperty are transferred (even if you are not recording a deed). It is used by the asessor to ensure the property is assessed properly and receives the correct taxable value. It must be filed by the new owner with the assessor for the city or township where the property is located within 45 days of the transfer. If it is not filed timely, a penalty of $5/day (maximum $200) applies.