Principal residence definition

Principal residence means a homestead actually and

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Principal residence means the 1 place where an owner of the property has his or her true, fixed, and permanent home to which, whenever absent, he or she intends to return and that shall continue as a principal residence until another principal residence is established. Except as otherwise provided in this subdivision, principal residence includes only that portion of a dwelling or unit in a multiple-unit dwelling that is subject to ad valorem taxes and that is owned and occupied by an owner of the dwelling or unit. Principal residence also includes all of an owner's unoccupied property classified as residential that is adjoining or contiguous to the dwelling subject to ad valorem taxes and that is owned and occupied by the owner. Beginning December 31, 2007, principal residence also includes all of an owner's unoccupied property classified as timber-cutover real property under section 34c that is adjoining or contiguous to the dwelling subject to ad valorem taxes and that is owned and occupied by the owner. Contiguity is not broken by boundary between local tax collecting units, a road, a right-of-way, or property purchased or taken under condemnation proceedings by a public utility for power transmission lines if the 2 parcels separated by the purchased or condemned property were a single parcel prior to the sale or condemnation. Except as otherwise provided in this subdivision, principal residence also includes any portion of a dwelling or unit of an owner that is rented or leased to another person as a residence as long as that portion of the dwelling or unit that is rented or leased is less than 50% of the total square footage of living space in that dwelling or unit. Principal residence also includes a life care facility for purposes of former 1976 PA 440 that is registered under the continuing care community disclosure act, 2014 PA 448, MCL 554.901 to 554.993. Principal residence also includes property owned by a cooperative housing corporation and occupied by tenant stockholders. Property that qualified as a principal residence shall continue to qualify as a principal residence for 3 years after all or any portion of the dwelling or unit included in or constituting the principal residence is rented or leased to another person as a residence if all of the following conditions are satisfied:

Principal residence means property exempt as a principal residence under section 7cc.

Examples of Principal residence in a sentence

Borrower shall occupy, establish, and use the Property as ▇▇▇▇▇▇▇▇’s Principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as ▇▇▇▇▇▇▇▇’s principal residence for the term of this Security Instrument.
Executive: Principal residence address as shown in Bancorp's Personnel Records and Executive's personal file.
When Insured’s Principal residence and/or his intended place of stay at destination is rendered uninhabitable due to Fire, flood, vandalism, or natural disaster and when his place of business is rendered inoperative due to operation of said perils.
Principal residence shall be defined as that term is used for the principal residence tax exemption under MCL 211.7dd.
If an organization, If an individual, Type of organization:____________________ Principal residence: Jurisdiction of organization: ___________ ____________________ Organizational identification number (or "None"):_______________________ Location of chief executive office: _____________ LESSOR: THE CIT GROUP/EQUIPMENT FINANCING, INC.

More Definitions of Principal residence

Principal residence for a sex offender means:

Principal residence means a homestead actually and continually

Principal residence means the legal domicile of the Covered Person.

Principal residence means a homestead actually and continually occupied by an eligible claimant as his or her permanent residence, as distinguished from a vacation home, property owned and rented or offered for rent by the claimant, and other secondary real property holdings.

Principal residence means the principal residence of the owner within the meaning

Principal residence means a qualified residential property

Principal residence means a Person’s permanent lodging place to which, whenever absent he or she intends to return;