LANSING - State Representative Terry Brown (D-Pigeon) wants to remind residents that they still have time to take advantage of a new tax break for homeowners who have moved to a new principal residence but have been unable to sell their previous one.
"Folks who have moved and are unable to sell their first home in this terrible real estate market are dealing with a huge financial burden," Brown said. "With so many working families struggling to make ends meet, it is important to save residents every dollar possible. I want to make sure everyone knows about this new tax break and can take advantage of it."
The law, which Brown voted for, allows homeowners to receive the PRE (primary residence exemption) tax break on their previous residence for up to three years as long as the property is not occupied, is for sale, is not leased, and is not used for any business or commercial purpose. This tax break is in addition to one that those homeowners may claim for their current primary residence.
The law took effect near the May 1 deadline to claim the benefit for 2008, so an extension was passed for this year only. To claim the exemption for 2008, owners must file a conditional rescission form. If you believe you are eligible, contact your local assessor immediately to find out when the December board of review meets. More information is available at www.michigan.gov/treasury.
"Giving Michigan homeowners more time to claim this tax exemption will help more families keep more money in their pockets at a time when they need it most," Brown said. "As we work to create more good-paying jobs and get the real estate market moving again, this new law is an important tool to support homeowners."