A tax credit for qualified Michigan home owners and renters, which helps to pay some of the property taxes homeowners or renters have been billed. Principal Residence Exemption Form.Filed with the Assessing Office. This video will cover how to fill out the homestead exemption form. This Video Shows you How to Complete an Application for Homestead Exemption. In Michigan, there is no such requirement. In a bankruptcy, the Michigan homestead exemption is automatically available to the homeowner. Bought a primary residence within the past year in Texas? It's time to file for your Texas Homestead Exemption. The residential homestead exemption application is located on our website tadd.