foreclosed homes for sale: Principal Residence Exemption Passes State House and Senate
- 04/27/12 11:35 AM
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. … (2 comments)
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Robert Smith
SRES, Search for Homes Brighton-Howell-SE Michigan
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?
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