Michigan Governor Granholm signed legislation enabling home sellers in Michigan to retain 2 prinicipal resident exemptions for property still on the market after the seller has moved elsewhere in the state.  The signing of this legislation is a huge step in aiding struggling sellers who have had homes on the market for over a year and have lost their prinicipal residence status on that property.

House Bill 4215, now Public Act 96 of 2008 sponsored by Representative Ed Gaffney enacts that the seller can retain an additional exemption for up to three years on property previously exempt as the owner's principal residence if the following circumstances are met:

        1. The property is not occupied
        2. The property is for sale
        3. The property is not leased or available for lease
        4. The property is not used for any business or commercial purposes

Retention of an existing homestead credit for an unoccupied home that is currently for sale would offer relief to sellers who have had to relocate for whatever reason.

Prior to this legislation, if a homeowner still owned two homes and May 1 rolled around, the homeowner would lose their homestead credit and property taxes would go up nearly 1 1/2 times what it was as their principal residence.

I am one of the top Northville Real Estate agents in the entire state of Michigan.  I sell a lot of homes in the Commerce Township Real Estate Market because I live in Commerce Township.

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