Bill To Allow Bank-Owned Properties To Hold On To Tax Status Moves To House

The Michigan Senate voted 38-0 in support of legislation providing a fair process when it comes to their property taxes.  Senate Bill 349, sponsored by Senator Dave Hildenbrand 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.  Senate Bill 349 now heads over to the House for consideration.   According to Realtor, Cliff Schrader this is a helpful move for the banks as  foreclosures continue to flood the market.