In Swiss Farms, Inc. v Dept. of Treasury, the Michigan Court of Appeals held that a cooperative formed for the purpose of owning, maintaining, and operating a private camp for the enjoyment of its members was entitled to claim the principal residence exemption. Although the stated purpose was for a private camp, at the time of the claim of exemption, at least 18 houses had been built on the 94 acres and the houses were being used as principal residences by the cooperative members.
This case highlights a little-known exemption which applies to residential cooperatives. If your cooperative is not claiming the principal residence exemption for real property taxes, it should.