Changes in Michigan Principal Residence Exemption Law
Principal Residence Exemption (PRE) Filing Dates-REVISED
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.
Below are a few FAQ’s regarding the new law:
1. Does the legislation take effect this year?
2. How does it work?
3. When is the additional filing date?
4. If my client buys after June 1st this year, what can they expect?
5. What about the foreclosure provisions?
Source: Michigan United Mortgage email to agents.
watch for additional updates.