Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Principal Residence Exemption Passes State House and Senate
This legislation should be signed by Governor Snyder in the next few days.  It's a victory for home buyers wishing to purchase foreclosed homes, often in lower price ranges and on tight budgets. It allows banks to claim and maintain the Principal Residence Exemption (PRE) during the listing period. That means that prospective buyers will be able to get the lower Homesteaded property tax rate.  Why is that important?
Since many buyers of foreclosed homes are younger and on tighter budgets, and because their loans usually require property tax and insurance escrows, having the house homesteaded keeps their tax escrow smaller.  Many such buyers have been knocked out of qualification due to the extra property tax burden on a non-homesteaded, foreclosed upon house. Local municipalties often switch homes to non-homestead status after foreclosure, triggering the higher proerty tax rate.
The bank will have to apply for this exemption, and at least in the beginning they probably won't be aware of it, so agents like myself that list foreclosed homes will need to explain the process to them and get them to understand that this will help market the properties to owner occupants.
The bill also changes the old May 1st homestead ... more

__________________________________________________
Are you on The Rain? Grow Your Network!