Michigan homeowners need to be aware of the law that exists to provide tax savings to anyone who has a home for sale but has purchased another home. You can claim both properties as your Principle Residence and receive Homestead millage. This law went into effect for homeowners in 2008, as relief for Michigan home sellers who have moved and have not been able to sell their home in Michigan.
The law is called PA 96 of 2008, and it is a HUGE tax break for people in Michigan that expands the Principal Residence Exemption on unsold homes. If you live in Michigan, and own a home you are allowed to claim one house for a primary homestead exemption. Non-Homestead Tax millage is 18 mills higher than Homestead, that is approximately 30% higher.
The home must be vacant and on the market for sale. You can claim this exemption by filing a Conditional Recission of Principal Residence Exemption form every year for a maximum of 3 years. Other provisions apply. Contact us for more details.
Your home for Real Estate advice from the professionals at MacIntyre & Cowen - REMAX Real Estate Professionals - Grand River. Providing Real Estate services for Lansing, Haslett, Okemos, East Lansing, Grand Ledge, Holt, Williamston, Mason, Eaton Rapids, Dimondale, Dewitt and more!!
About Me
- MacIntyre & Cowen - RE/MAX Real Estate Professionals - Grand River. Lansing MI
- I am confident that you will find the service and expertise you require in my team and me as your representation. Our track record of buying and selling homes is a testimony of my team’s success in navigating through many of the most difficult circumstances in the real estate industry. You need someone who can guarantee you results and who understands both the real estate market and the financing programs that are available in our market. I think of my team as “Solution Specialists” and we are known as experts in identifying different options and getting results. With today’s economy, you need an expert to buy or sell a home and that is what the MacIntyre & Cowen Team offers: service, knowledge, and experience. http://www.pmachomes.com 517.999.2675
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