Your homestead is in Michigan (whether you rent or own). To qualify for a PRE on a parcel of land, a person must be a Michigan resident who owns and occupies the property as a principal residence.May I claim the exemption? Yes. Complete the affidavit using your name, address, social security number, and signature. The exemption includes land attached to the primary dwelling place. The exemption excludes prior liens. Homeowners living in their principal residence in Michigan are eligible for the Principal Residence Exemption.