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

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the airplane to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
Michigan Grand Traverse County Traverse City
Groups:
Real Estate Rookie
Realtors®
Addicted to Active Rain
Tags:
property tax homested exemption

Comments 2 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the scissors to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
1,141,597
John Pusa
Your All Time Realtor With Exceptional Service
Sellstate Pacific Realty

Christine - Thank you for sharing detailed quality information on principal residence exemption legislation unanimously passes Senate.

March 28, 2012 02:13 PM
Rainmaker
242,205
Cherry Wings Realty
Your Traverse City Michigan Realtor
Cherry Wings Realty

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.

March 28, 2012 02:22 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the pencil to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
242,205

Cherry Wings Realty

Your Traverse City Michigan Realtor
VA Purchase Questions? I can help
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the airplane to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information