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Michigan Property Tax Homestead Exemption Information

by Tom Stachler,ABR,CDPE - Group One Realty Team

New Changes in the State of Michigan Homestead Exemption Filing Dates

Good News.  The Michigan Association of Realtors was instrumental in helping get this signed yesterday. The former deadline date of May 1st for your homestead exemption and discount on property taxes for Michigan property has been changed.  

 

See the information below regarding your Michigan Property tax homestead exemption and tax discount.

 

Legislation Signed by the Governor
5/2/2012

 

Today, Governor Snyder signed legislation providing homebuyers a fair process when it comes to their property taxes.

 

Senate Bill 349, sponsored by Senator Dave Hildenbrand (R-Lowell) creates two Principal Residence Exemption (PRE) filing dates; one on June 1st, and the other on November 1st.  Additionally, this legislation allows bank-owned properties to retain their PRE so that buyers can qualify at the lower rate of taxation. This is particularly important since foreclosures have flooded the market in recent years. 

 

Below are a few FAQ's regarding the new law:

 

1.     Does the legislation take effect this year?

 

A.   Yes. The new law moves current May 1st PRE filing deadline to June 1st of this year.

 

2.     How does it work?

 

A.   If a homebuyer purchases a Principal Residence and closes on or before June 1st, they can take advantage of a significant tax break by filing for a Principal Residence Exemption.

 

3.     When is the additional filing date?

 

A.      November 1st. This allows for tax relief in those communities that still collect a portion, if not all of their non-homestead mills, on the December tax bill. 

 

4.     If my client buys after June 1st this year, what can they expect?

 

A.   If a homebuyer purchases a home after the June 1st filing deadline, and their local tax authority collects all non-homestead mills on the spring tax bill, their property taxes may not reflect the exemption until the next tax bill. If however that local tax authority collects a portion of the non-homestead mills on the winter tax billing cycle, the homebuyer can file for a PRE before the November 1st and exempt themselves from any non-homestead mills collected on the December bill.

 

 5.     What about the foreclosure provisions?

 

A.   Banks have the option of maintaining the home's Principal Residence status by filing a Conditional Rescission.  By maintaining this exemption status, it's the expectation that borrowers will be able to qualify for financing on these foreclosed properties at the PRE rate and begin paying the lower rate of taxation as soon as they move into the home. To make up for the lost school revenue, banks will be assessed a newly defined tax that will keep the 18 mills (which they presently pay on any foreclosed property) when a property can no longer qualify as a principle residence. It is important for those REALTORS® working with bank clients to let lenders know about the change and communicate the benefit of filing a Conditional Rescission.

 

 
Michigan Property Tax Homestead Exemption Information

ANN ARBOR REAL ESTATE FOR SALE

by Tom Stachler,ABR,CDPE - Group One Realty Team

Spring is Here and Ann Arbor Real Estate Market is Active

Click Here to View all MLS Listings

Click Here for Tom's Spring Newsletter

Click Here to Win Dinner for Two at Weber's Inn

Tom's Resources, Contractor Discounts and More Ann Arbor Real Estate Savings Here

Get References for Any Ann Arbor Real Estate Broker by Clicking Here

Remember we are the most recommended Buyer Representative in the Saline and Ann Arbor Michigan Area.  Stop by and Visit our Website anytime by Clicking here.

9016 Whispering Pines, Saline, Michigan Home for Sale 3200' With Fin. Walk Out Basement and Woods

by Tom Stachler,ABR,CDPE - Group One Realty Team

POPULAR YORK WOODS SUBDIVISION

GREAT SUMMER COMMUNITY AND PARCEL WITH YOUR OWN SANDY SPRING FED LAKE FOR KAYAKING AND SWIMMING. YOUR KIDS AND THEIR FRIENDS WILL LOVE THE COMMUNITY BEACH PLUS YOU HAVE YOUR OWN WOODS IN THE BACK COMPLETE WITH FIRE PIT AND CAMPSITE!

HOME SITS ON 3.5 ACRES IN YORK TOWNSHIP! ENJOY LAKE & BEACH PRIVILEGES. TWO STORY GREAT ROOM LOOKS OUT ON WOODS. NATURAL MAPLE CUPBOARDS W/ BLACK GRANITE COUNTERTOPS. WALK-OUT BASEMENT IS FINISHED AND PLUMBED FOR A 3RD BATH.1ST FLOOR MASTR SUITE W/SUNKEN WHIRLPOOL TUB FOR 2.5 BEDROOMS & 2.5 BATHS. CERAMIC & HARDWOOD IN MAIN LEVEL. 3 CAR GARAGE & SPRINKLER SYSTEM.

  • WALK OUT FINISHED BASEMENT
  • 3.5 ACRES
  • GRANITE COUNTERS
  • MAPLE CABINETS
  • CAMP SITE OUT BACK IN YOUR OWN WOODS
  • LOW YORK TOWNSHIP TAXES
  • CLOSE TO VILLAGE OF SALINE
  • WORK OUT ROOM
  • INVISIBLE FENCE FOR PETS
  • 3 CAR GARAGE
  • AWARD WINNING SALINE SCHOOLS
  • 5 MINUTES FROM US 23 - I 94 EXPRESSWAY INTERSECTION
  • GREAT SUMMER PLAY FOR KIDS WITH SPRING FED LAKE W/ COMMUNITY SANDY BEACH

Great Family home Close to schools and shopping and freeway access. COMMUTERS NOTE that this is only 5 minutes from the I94-US23 expressway interchange so for those heading east, you AVOID THE ANN ARBOR BACKUPS at State Street and Ann Arbor Saline Roads.

Hurry this one won't last long. Contact us today with any showing requests or questions. Note contact options below.

Tom Stachler lives in Saline Michigan and can answer any question you might have about the area.  Please look for additional Saline Real Estate for Sale by clicking on the All MLS LISTINGS link above in the website header or contact Tom below for further assistance or showing appointment. 

Is This the Future of Education for Ann Arbor School District

by Tom Stachler,ABR,CDPE - Group One Realty Team

This is a pretty interesting Video on What is Perhaps the Future of Education

Do you think Ann Arbor School District Should Consider Such a Program?  

Please comment below.  

 

If you are new to the area you can click here to Get Ann Arbor Real Estate Listings and other surrounding communities.  Note there is information on the Ann Arbor School District test scores under the School Reports link in our Links section under Resources top Right Corner of this Page.  

Tom Stachler is the Counties Leading Real Estate Buyer Representative and welcomes you to check out his references above or Contact for consultation and assistance.

Ann Arbor Tops List of ‘10 Best Cities for Single People’

by Tom Stachler,ABR,CDPE - Group One Realty Team

 

It's true. Ann Arbor beat out big cities such as New York, Baltimore, Los Angeles and Philidelphia to take the top spot on Kiplinger's list for the 'Best Cities for Single People.' The article sites the ' unusual combination of ultra-high wages, reasonable living costs, and a well-educated dating pool' as some of the factors for the ranking. Apparently, one in four people is between the ages 20 and 34, and one in two is married. There you have it! If you're looking for love, the odds are pretty good that you'd find it in Ann Arbor.
 

CLICK HERE TO READ THE ARTICLE.

Looking for properties in Ann Arbor?  

Get Started by Clicking here to View Properties Close to Downtown Ann Arbor

968 Penniman, Plymouth Michigan

by Tom Stachler,ABR,CDPE - Group One Realty Team

Looking for a Property that is Just a 60 Second Walk to Downtown Plymouth Michigan ?

You can't miss with this one.  Check out the property Video Below.

More Details on this property can be found here.

http://www.therealtytour.com/Property/968-Penniman-Plymouth-Michigan

Ann Arbor Comes in at Number 10 in Realtor.com’s Top-10 Turnaround Towns!

by Tom Stachler,ABR,CDPE - Group One Realty Team

It is no secret that it’s been a rough four years for real estate in all pockets of the United States. It seems that no community was immune to the plague of foreclosures and tanking home values. Cities that were once golden children of the real estate boom became the poster children for the bursting housing bubble. So, it has been a dark era for the real estate sector for several years, but now there’s a light at the end of the tunnel. Ten standout cities are leading the turning tide, hopefully becoming bellwethers for the general recovery and stabilization of the housing market nationwide. Realtor.com has selected these ten cities based on year-over-year improvements in three areas: increasing median home prices, decreasing length of time that houses sit on the market unsold, and decreasing unemployment rates.

This is certainly good for the nation, but doubly good for our community considering the difficulties the Michigan economy has faced in recent years. Number ten on Realtor.com’s list, proudly representing the Midwest, is Ann Arbor, Michigan!

Ann Arbor has seen its home prices climbing steadily. In fact, according to data compiled by Realtor.com in October 2011, the median prices of listed houses went up more than a whopping 8 percent from October of last year. Meanwhile, inventory has gone down, almost a full 25 percent. This means the supply of homes is virtually in balance with the demand—good news for folks trying to sell their homes! The prices at which homes actually sell are also going up steadily, rising nearly 5 percent for the year.

A top-ten ranking as a turnaround town is just the icing on the cake for Ann Arbor, a city already special on many other counts!

Happy Holiday Yodeling Cat Video

by Tom Stachler,ABR,CDPE - Group One Realty Team

Check out this Cool Cat Video

Happy HOlidays Everyone!

 

Best of luck in the coming New Year!

Please keep us in mind if we can help you or an associate with their real estate pursuits in 2012!

Ann Arbor Area Community Information Click here

 

Ypsilanti Public Library in Michigan

by Tom Stachler,ABR,CDPE - Group One Realty Team

LOOKING FOR INFORMATION ABOUT YPSILANTI TOWNSHIP ?

Check out the Ypsilanti Public Library

Watch this Video 

 

Click here to View properties and get more Area Information

Mt. Brighton Skiing and Snowboarding

by Tom Stachler,ABR,CDPE - Group One Realty Team

With 130 acres of the finest Michigan powder, twenty-six expertly groomed runs and seven state-of-the-art chairlifts, Mt. Brighton Ski Resort is at the peak of perfection for winter fun. Located just twenty-nine minutes north of Ann Arbor, Mt. Brighton is the premier destination for snow enthusiasts looking for the best skiing and snowboarding close to home.

Mt. Brighton is so much more than downhill skiing and snowboarding. The snowboard terrain park boasts an array of rails and ramps, not to mention a VW Beetle and an extended half pipe. With special events happening all throughout the season, including competitions, Mt. Brighton will keep you coming back for more fun week after week. Sunday Family Night, Wednesday Men’s Day and Thursday Lady’s Day are just a few of the special deals running all season long. Plus, with the Adult Race League you can add the edge of friendly competition to your ski and snowboarding regimen.

As a full service ski resort, Mt. Brighton provides skiing and snowboarding lessons for all ages, so everyone can hit the slopes with confidence. Full equipment rentals mean everyone can hit the slopes prepared. And the Hot Wax Café snow shop means everyone can hit the slopes in style!

Plus, after a long day of sailing down the mountain or practicing tricks in the terrain park, Mt. Brighton’s cozy lodge will give you a chance to unwind and warm up next to the fireplace. The Bauery Bar and Grill—a full-service, sit-down restaurant—serves up excellent food and beverages, making it the perfect place to dine with friends while swapping stories about your time on the slopes.

Memberships start at $510 and day passes start at $33. Special rates and group discounts are also available. For more information on rates and discounts, go here.

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