What is a conditional rescission?

An owner may keep the Principle Residence Exemption on the previous principal residence for up to three years if that property is not occupied, is for sale, is not leased, and is not used for any business or commercial purpose and the owner has filed a Principal Residence Exemption on another home in Michigan. 

To apply for a conditional rescission, the owner must submit a Conditional Rescission of Principal Residence Exemption (PRE) (Form 4640) (PDF) to the assessor in which the property is located on or before June 1st or November 1st of the first year of the claim. The exemption has to be renewed by filing a new form in each of the succeeding 2 years.

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1. What is market value?
2. Why have a property tax?
3. How is property appraised?
4. Why do assessed values change from year to year?
5. What are your rights and responsibilities?
6. What happens to taxable value when a property transfers ownership?
7. What is a conditional rescission?
8. How do I read an Assessment?