Principal Residence Exemption Legislation Unanimously Passes Senate

By
Real Estate Broker/Owner with Cherry Wings Realty 6502373398

Principal residence exemption for property tax has always been a challenge for home buyers.  Having two times in the year when a buyer can claim a purchase as their principal residence is a great benefit for our housing industry.

 

Today, the Michigan Senate voted 38-0 in support of legislation providing a fair process when it comes to their property taxes.
Senate Bill 349, sponsored by Senator Dave Hildenbrand (R-Lowell) creates two Principal Residence Exemption (PRE) filing dates; one on June 1st, and the other on November 1st. Additionally, this legislation allows bank-owned properties to retain their PRE so that buyers can qualify at the lower rate of taxation. This is particularly important since foreclosures have flooded the market in recent years.

 

Senate Bill 349 now heads over to the House for consideration. The MAR greatly appreciates the hard work that was put forth in crafting this legislation, and is pleased that Senators on both sides of the aisle unanimously supported its passage. The MAR will continue to keep the membership updated as this bill makes its way through the legislative process.

Posted by

Christine Stalsonburg, Broker/Owner

Cherry Wings Realty

 

 

231-409-4140

 

 

 

 

 

 

 

 

 

View Christine Stalsonburg's profile on LinkedIn

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Rainmaker
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John Pusa
Sellstate Pacific Realty - Glendale, CA
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Christine - Thank you for sharing detailed quality information on principal residence exemption legislation unanimously passes Senate.

Mar 28, 2012 02:13 PM #1
Rainmaker
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Cherry Wings Realty
Cherry Wings Realty - Traverse City, MI
Your Traverse City Michigan Realtor

You are very welcome.  This is a huge accomplishment for us here in MI, as previously the cut off for declaring your home purchase your primary residence was May 1st.  If you purchase a home after that and the previous owner had it as an investment or second home you were stuck with the much higher property taxes until the next May.  You also had to qualify for the loan based on these higher taxes.

Will be a big win for us.

Mar 28, 2012 02:22 PM #2
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