However, to appeal to the board for a homestead exemption, the owner must complete and submit an Affidavit for. Homestead Exemption (form 2368).To prorate your credit use the information from your form to complete MI-1040CR Worksheet 4. MI-1040CR TABLE B: HOMESTEAD PROPERTY TAX CREDIT PHASE OUT. All of the forms and affidavits pertaining to the homestead exemption can be obtained from the City of Taylor Assessors Office. You must file the Principal Residence Exemption Affidavit with the Assessing Department in order to apply for the exemption. This affidavit allows you to claim an exemption of 18 mills on your school property taxes.