When I claim an exemption on my new residence, what happens to the exemption on the residence I sold?

The exemption on your old home remains in effect until December 31 of the year your home is sold. If you move to your new residence before your first home is sold, the exemption expires on December 31 of the year you move out. You must rescind the homestead exemption within 90 days of the date you no longer own or occupy the property as your principal residence. You may rescind your exemption on the Request to Rescind/Withdraw Homestead Exemption Form (Form 2602) at closing. If your agent did not provide you with Form 2602, you can pick one up at city hall.

Show All Answers

1. When I claim an exemption on my new residence, what happens to the exemption on the residence I sold?
2. I am moving into a new home and converting my current home to a rental property in November. Do I have to rescind the exemption on my current home?
3. What happens when a lender has foreclosed on a mortgage and the home is now vacant?
4. I own two homes in Michigan. For which home do I claim the exemption?
5. I have a home in Michigan and in another state. May I claim an exemption on my Michigan home?
6. May renters file for this exemption?
7. My children own my home, but I hold a life estate. May I claim the exemption?
8. I am leasing my home with an option to buy. May I claim my home?
9. I live in a nursing home but still maintain a home that I eventually plan on returning to. May I claim an exemption on the home I own?
10. I own the lot adjoining and contiguous to my home, and it has a different property identification number than the parcel on which my homestead is located. (See more)
11. I live in part of my home and operate a business in another part. May I claim an exemption?
12. I rent a room in my home to a boarder. May I still claim an exemption?
13. I own a duplex and I live in one of the units. My father lives in the other unit but does not pay rent. May I claim an exemption on both units?
14. My accountant tells me that I do not qualify for a homestead, should I still file it?
15. What is a Principal Residence Exemption Affidavit, and why do I have to file it?
16. Can I make a Request to Rescind?
17. Can I have dual homestead if I am selling my house?
18. How do I know it my business qualifies for the Eligible Personal Property Tax Exemption?
19. How does the Veteran Property Tax Exemption work?
20. What is the Poverty Exemption?