Apr 26 2008
May 1, 2008 Tax Exemption for Homestead in Michigan
I would not be a Realtor if I did not share with all of you. This is the upcoming requirement for all people who have moved from a home and need to continue homestead tax exemption on the original home. Please forward this to anyone in Michigan for whom this situation applies. The form needs to be completed by May 1, 2008!
“Public Act 96 enables a person who has established a new principal residence to retain a Principal Residence Exemption (PRE) on property previously exempt as the owner’s principal residence that is not occupied and for sale by submitting a Conditional Rescission of Principal Residence Exemption Form #4640. The conditional rescission allows an owner to receive a PRE on his or her new property and on previously exempted property simultaneously if certain criteria are met:
· the property is not occupied
· the property is for sale
· the property is not leased
· the property is not used for any business or commercial purpose
*The opportunity to apply and qualify for a conditional rescission begins for the 2008 tax year and is not retroactive to previous tax years.
To qualify for the conditional rescission in 2008, Form #4640 must be submitted to the assessor of the local unit of government where the property is located on or before May 1, 2008. The Board of Review has no authority with regard to a conditional rescission and cannot institute a conditional rescission on behalf of an owner if a deadline is missed or for previous tax years. An owner must annually submit Form #4640 on or before December 31 to verify to the assessor that the property for which the PRE is retained is not occupied, is for sale, is not leased, and is not used for any business or commercial purpose.”
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