Under this new act, the filing deadline for principal residence exemption has been changed to June 1 for the next summer tax levy and also offers property owners a second filing option of November 1^st for the next winter tax levy and all subsequent tax levies.

In addition, a land contract vendor, bank, credit union or other lending institution will retain the exemption of any property they own as a result of foreclosure that held exempt status prior to the foreclosure.  The lending institution will have to pay into the School Aid Fund what it otherwise would have paid in school operating taxes as well as an administrative fee retained by the local tax-collecting unit.

For your reference, a copy of the legislation is linked here.

If you have any questions about this change to the General Property Tax Act, and the potential impact it may have on how you do business, please don’t hesitate to contact me.

• Unpaid water bills or multiple water accounts
• Board up of abandoned property by the City
• Grass/Weed cutting by the City
• City charges for Snow Removal
• Ordinance Violations for broken steps, missing railings, etc.
• Unpaid fees for Inspections/Certificates of Occupancy/ACRs
• Special assessments for paving, sidewalks, sewer, etc.

If you are purchasing a property on land contract or for cash, I always recommend that you purchase an owner’s policy. Protect yourself and your investment even further by closing with an experienced, professional title company.

When people ask me why they need title insurance, I always ask, “How much time do you have?”

The exemption is meant for owner occupied, homestead properties where the current SEV is either the same or lower than the original SEV.

Check with your local taxing authority to find out if your seller meets the requirements.

You could save your seller a lot of money.  People remember things like that.