Principal Residence Exemption (PRE)
If you are the owner and will be occupying the home as your Principle Residence you will need to file a Principle Residence Exemption (Homestead) form which will exempt you from paying the school operating tax. This will result in a reduction to your summer tax bill.

Form to be used when your small business personal property is less than $80,000.00
Personal Property Exemption Form-5076  

Both the Personal Property Exemption Form-5076 and 
Personal Property Exemption Form 4175 must be used when your small business personal property is between $80,000.00 and $180,000.00

If your small business personal property is greater than $180,000.00 only form 
Personal Property Exemption Form 4175 is required. 
 
On October 24, 2023, Governor Whitmer signed into law P.A. 176 of 2023.  This act made changes to MCL 211.9o, requiring all eligible claimants with personal property totaling $80,000 or more but less than $180,000 in true cash value within the local assessing unit to annually file both the Small Business Property Tax Exemption Claim (Form 5076) and a personal property statement (Form 632) to qualify for the exemption.  Taxpayers wishing to claim the small business property tax exemption with true cash value greater than or equal to $80,000 but less than $180,000 must file both forms each year in which they wish to receive the exemption. 

Furthermore, the act requires that assessors transmit parcel information for exempt parcels with true cash value between $80,000 and $180,000 to Treasury via their CAMA software no later than April 1. 

Taxpayers receiving the small business exemption with property valued at less than $80,000 true cash value within the local assessing unit will continue to receive the exemption until they are no longer eligible for the exemption or until the true cash value of their property exceeds $80,000.