What is a Principal Residence Exemption (PRE)?
A principal residence is exempt from taxes levied by the school district for operating purposes of up to 18 mills. A homeowner's principal residence is defined as "the one place where an owner of the property has his or her true, fixed and permanent home to which, whenever absent, he or she intends to return and that shall continue as a principal residence until another principal residence is established." Property owners may claim only one exemption. A husband and wife, filing income tax returns jointly, are generally entitled to no more than one principal residence exemption, although the law allows a temporary, additional exemption for up to 3 years on an unsold homestead, and allows members of the armed forces to retain their exemption if they rent their home while away on active duty. To be eligible for the homeowner’s principal residence property exemption in 2015, a taxpayer must have claimed an exemption by filing an affidavit with the local tax collecting unit on or before June 1, for the immediately succeeding summer tax levy. Exemptions filed in prior years are valid until rescinded.

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1. What is a Principal Residence Exemption (PRE)?
2. When do you mail the summer property tax bills?
3. What is Taxable Value and where do I find it?
4. What is a millage rate and where do I find it?