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.