The Principal Residence Exemption (PRE) Affidavit (Form 2368), formerly known as the Homestead Exemption deadline is June 1 for property having a summer school collection, orNovember 1 for property having a winter school collection. To qualify for the PRE Exemption you must own and occupy your principal residence by that date. Vacation homes and income property which you do not occupy as your principal residence may not be claimed. You may only have one principal residence.
A Request to Rescind Homeowner’s Principal Residence Exemption (Form 2602) must be filed with the local assessor within 90 days of the date you no longer own and/or occupy the property as your principal residence. However, the exemption will remain in effect until December 31 of the year in which you rescind the exemption. A Conditional Rescission of Principal Residence Exemption (Form 4640) allows an owner to receive a PRE on their current property and on previously exempted property simultaneously if the previous principal residence (all must apply):
- Is for sale.
- Is not occupied.
- Is not leased.
- Is not used for any business or commercial purpose.
For more information and forms go to the Department of Treasury website on Principal Residential Exemption.