Michigan Treasury Busts Tax Myth Being Shared on Social Media
Tax time brings stress and confusion, but the Michigan Department of Treasury says some of it is unnecessary. They are clearing confusion around inaccurate posts being shared on social media which has led to a "surge in inquiries" for the Michigan Department of Treasury and local assessors.
The social media posts claim that Michigan taxpayers will experience a surge in property taxes due to their Principal Residence Exemption (PRE) expiring after 25 years. Many residents have been calling for clarification or filling out unnecessary paperwork.
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.
The Michigan Department of Treasury says there isn’t an expiration date on a Principal Residence Exemption. Homeowners who have claimed a Principal Residence Exemption do not have to refile the required form unless they move.