Ann Arbor Home Buyers can get the homestead rate June 1 and November 1.  Legislation Passed May 1, 2012 that will go a long way to ease the pain when purchasing a Principal Residence here in the state of Michigan.  Michigan residents have what is called a Principle Residence exemption which allows a considerable savings on tax dollars on their property tax bill when homeowners properly establish a Primary Residence Exemption.

The Michigan Legislators; the Michigan Association of REALTORS  (MAR); and other coalitions worked together to move Senate Bill 349, sponsored by Senator Dave Hildenbrand (R-Lowell) into action.   The final vote in the Michigan House of Representatives was 109-1 in support of the legislation providing a more adequate reporting process for all property owners.  Governor Rick Snyder signed the bill into law on May 1, 2012.  To take effect immediately.

MAR put together a brief Q & A on the topic which goes into more detail regarding the new legislation. When buying a foreclosed home that has not been homesteaded, buyers can report the new purchase to the assessor June1 and November 1 rather than wait once a year.  If you are buying a Ann Arbor Area foreclosure, let us know your concerns. 734-669-0337.