The Principal Residence Exemption excuses 18 mills of local school operating tax on the owner’s principal residence. Second homes, cottages, and rental properties are not eligible to receive the exemption and must pay the 18 mills of school operating tax.
Commercial and Industrial properties must pay the 18 mills as well.
Agricultural property is also exempt from the 18 mills of school operating tax. To be eligible, the property must have 50% of its land area devoted to an agricultural use. To receive the exemption, the owner must file the CLAIM FOR FARMLAND EXEMPTION FORM (T-1063).
All forms are available in the assessor’s office and need to be filed with the assessor.