The following forms are usually provided to the buyer at closing.If you were not provided these forms and are required to file, links are provided below or you can obtain copies at the City Office.
Instructions for all the forms regarding requirements and filings are found on the back of all the individual forms and on the State’s website.The original form is required to be filed with the City Assessor as required by the State.The form should be completely filled out as blank spaces may result in delaying the filing of the form.
**NEW FORM FOR EXEMPTION OF ELIGIBLE PERSONAL PROPERTY TAXES**
This affidavit is to be filed by the owner of personal property where the True Cash Value of all the commercial or industrial personal property within the City of Richmond is less than $80,000 on December 31, 2015.You will not receive the exemption unless the form is filed by February 10, 2016, and is completely filled out.
Principal Residence Exemption Affidavit (PRE)
If you own and occupy property you consider as your homestead, it is exempt from a portion of your local school operating taxes.To claim an exemption, a Principal Residence Exemption Affidavit must be completed and filed with the City Assessor by June 1st.You must own and occupy your homestead by June 1st to be entitled to receive this exemption for the current year.This exemption is for a part of the taxes and does not affect your assessment.Those who do not file or who are not qualified to file a PRE pay an additional 18 mills per thousand of taxable value.
Principal Residence Exemption Active Military Affidavit
This form enables a person with an established Principal Residence Exemption (PRE) to retain that PRE while on active duty in the United States armed forces if the principal residence is rented or leased. Property that currently qualifies as a principal residence continues to qualify for three years after any portion of the dwelling or unit included in, or constituting the principal residence, is rented or leased to another person and is used as a residence. All of the following conditions must be satisfied:
The owner of the dwelling or unit is absent while on active duty in the armed forces of the United States.
The dwelling or unit would otherwise qualify as the owner’s principal residence.
The owner files Form 4660 with the assessor of the local tax collection unit on or before May 1 attesting that he/she intends to occupy the dwelling or unit as a principal residence upon completion of active duty in the United States armed forces
Request to Rescind Principal Residence Exemption (PRE)
If you have sold or no longer occupy your property as your homestead, you would file a Request to Rescind Principal Residence Exemption Affidavit. This form informs the Assessor that you no longer live at your residence as you have either sold it or are renting it.
Conditional Rescission of Principal Residence Exemption (PRE)
If you have purchased another homestead in Michigan no longer reside in your property as your homestead and have it for sale, it is not rented or leased and not used for commercial purposes, you may file a Conditional Rescission ofPrincipal Residence Exemption Affidavit.This form informs the Assessor that you have met the requirements of the State and you are requesting to keep the PRE on your property while you attempt to sell it.This form may be filed for up to three years as long as the requirements are met.
Property Transfer Affidavit
The Property Transfer Affidavit is used by the City Assessor to ensure that whenever real estate or some types of personal property are transferred (even if you are not recording a deed) the property is assessed properly and receives the correct taxable value. It must be filed by the new owner with the Assessorwhere the property is located within 45 days of the transfer. If the Property Transfer Affidavit is not timely filed, a statutory penalty applies. The information on this form is NOT CONFIDENTIAL.The Michigan Constitution limits how much a property’s taxable value can increase while it is owned by the same person. Once the property is sold or transferred, the taxable value is adjusted to equal the SEV the year following the sale.
There are certain types of transfers of property that are exempt from adjustment.A full description can be found in MCL Section 211.27a(7)(a-m).An abbreviated list can be found on the front of the form.