Great news from the MAR Public Policy Staff… Senate Bill 77, sponsored by Senator Jud Gilbert (R-Algonac) unanimously passed the Senate Finance Committee on Thursday. This legislation would provide for an additional “Principle Residence” filing date of October 1st.
Currently if you buy a home that is “zero % Homestead”, you have to wait until May first to claim your exemption, so if you buy your home on May 2nd, you have to pay 18 additional mills for a year. This bill will give a second filing date (October 1st) for those who find themselves in this situation.
With all of the foreclosures on the market these days, many of which have lost the exemption due to being vacant for a long period of time, this will be a great savings to many, who have had to shoulder this extra tax burden for months, waiting for May 1st to roll around.
Hopefully this is only the beginning of some great common sense legislation that we will be seeing coming out of Lansing as we all work together towards getting Michigan’s economy back on track.
Thanks to the Senate Finance Committee Chair, Senator Nancy Cassis (R – Novi), bill sponsor, Senator Jud Gilbert (R – Algonac) and committee members Senator Mark Jansen (R- Cutlerville), Senator John Pappageorge (R-Troy) Senator Gilda Jacobs (D – Huntington Woods) and Senator Deb Cherry (D – Burton) for their support of this important legislation. and thanks to the MAR Public Policy staff for meeting with legislative leaders to help move Senate Bill 77 though the House and Senate.
Comments(1)