Yes. All property transfers of ownership occurring in the State of Michigan since 1994 must be reported on a Property Transfer Affidavit form to the local Assessing Office within 45 days of sale or transfer to avoid penalties
If you own and occupy your residence, it is exempt from the 18 mill school operating tax. To claim an exemption, complete the Principal Residence Exemption form (PDF) and return it along with a copy of the front and back of your driver’s license for each person and 1 of the following documents to verify occupancy.
You are required to file a Request to Rescind Principal Residence Exemption form (PDF) when you no longer own and occupy the property as your principal residence. The exemption will be removed December 31 of the year you rescind the exemption.