What is a key requirement for the Homestead Exemption?

A key requirement for the Homestead Exemption is using the property as a principal residence. This exemption is designed to provide tax relief specifically to homeowners who occupy their property as their primary residence. In Michigan, to qualify for the Homestead Exemption, the property must be the home where the owner resides most of the year. This is crucial because the exemption aims to assist those who live in their homes rather than absentee property owners or investors.

The core intention behind this requirement is to support residents who may face challenges in affording property taxes. As a result, individuals must demonstrate that they live in the home for which they are seeking the exemption, reinforcing its purpose of aiding principal residents and ensuring the benefits are targeted effectively.