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CONDITIONAL RESCISSION OF PRINCIPAL RESIDENCE EXEMPTION

This enables a person who purchased a new home as their new principal residence in the State of Michigan to retain a PRE on property that was their former principal residence. 

The Conditional Rescission allows an owner to receive a PRE on his or her current property and up to three (3) years on previously exempted property simultaneously if certain criteria are met, such as:  the property is not occupied, is for sale, is not leased and is not used for any business or commercial purpose.

Conditional Rescission of Principal Residence Exemption Form  (link takes you to State of Michigan Web Site)

Conditional Rescission of Principal Residence Exemption FAQ's (link takes you to State of Michigan Web Site)