May 1st Deadline Is Near For Michigan Dual Homeowners
Form 4640 - Conditional Rescission Of Principal Residence Exemption:
To qualify for a conditional rescission under PA 96 of 2008, Form 4640 must be submitted to the assessor of the local unit of government where the property is located
Under the Michigan Property Tax Act,only the owner-occupied residence is exempt from local school operating taxes under what is known as the Principal Residence Homestead Exemption. A person may only claim one Princpal Residence Homestead Exemption. Because of the current condition of real estate sales in Michigan, many homeowners who have moved to another residence for employment or other reasons may not have been able to sell their prior residence
PA 96 of 2008 provides tax relief to those persons unable to sell vacant homes. In addition to the owner's current principal residence, that owner can retain a "Conditional Principal Residence Exemption" for up to three years on property previously exempt as the owner's residence.
Michigan Treasury
To qualify for a conditional rescission under PA 96 of 2008, Form 4640 must be submitted to the assessor of the local unit of government where the property is located
Under the Michigan Property Tax Act,only the owner-occupied residence is exempt from local school operating taxes under what is known as the Principal Residence Homestead Exemption. A person may only claim one Princpal Residence Homestead Exemption. Because of the current condition of real estate sales in Michigan, many homeowners who have moved to another residence for employment or other reasons may not have been able to sell their prior residence
PA 96 of 2008 provides tax relief to those persons unable to sell vacant homes. In addition to the owner's current principal residence, that owner can retain a "Conditional Principal Residence Exemption" for up to three years on property previously exempt as the owner's residence.
Michigan Treasury
posted by Milt Baker CPA | 9:25 AM
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