Location: Westland, Michigan, United States

Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Wednesday, April 23, 2008

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


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