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Proration Legislation up in Senate Finance Committee
News
Wednesday, 08 June 2011

Legislation has been re-introduced this legislative session to provide much needed property tax relief to Michigan homebuyers. Senate Bill 349, introduced by Senator Dave Hildenbrand (R-Lowell) allows buyers to take advantage of the Principal Residence Exemption even if they purchase a home after the May 1st filing deadline.

Under current law, homeowners may file a principal residence exemption on their primary home in Michigan. This exemption provides significant tax relief to those citizens that choose to call this state “home.” In order to claim this exemption, one must file the principal residence affidavit with their local government by May 1st. Buyers purchasing homes after the May 1st deadline, are hit with up to an additional 18 mills of non-homestead property taxes until the following year. This additional property tax burden is standing in the way of new homeownership and otherwise taxing those people that have declared Michigan their home, though they purchased after the deadline.

This legislation has become particularly important since “non principal residence” properties, specifically foreclosures, have flooded Michigan’s real estate market in recent years. The current situation prices buyers out of homes by forcing them to qualify for a mortgage at the higher tax rate. Those buyers that are able to purchase after May 1st are consequently stuck with a significant tax burden for the remainder of the year despite making that new purchase their principal residence. This bill would alleviate some of that pressure by prorating the tax liability for those who purchase a home after May 1st.


 

 
NAR Announces Nationwide Open House, June 4-5
Events
Wednesday, 18 May 2011

The 2011 REALTOR® Nationwide Open House will be held on the weekend of, June 4-5, 2011. This event, which began on a local level a few years ago, is a weekend when REALTORS® across the country—and across the globe—are invited to hold open houses in their area.

It is designed to drive buyers' attention and interest to homes for sale and offers opportunities to educate the public about the benefits of home ownership.

Ask your local association for details and information on how you can participate in this year's REALTOR® Nationwide Open House.

For further detail's please see NAR's website here.

 
Spring Estate Sale
Events
Wednesday, 27 April 2011

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GPBR Spring Estate Sale
May 13-14
1325 Balfour, Grosse Pointe Park

We are once again collecting donations for our annual estate sale to benefit the Grosse Pointe Board of Realtors. We are in need of gently used items such as: furniture, clothing, toys, tools, appliances, books, linens and other home accents. Items can be dropped off at the Board office, located at 710 Notre Dame, Monday-Thursday, 9am-5pm. To donate, please contact Bobbi at (313) 882-8000. A truck is available for large item pick-up.

 
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