Title and Escrow Services Throughout Michigan and Illinois

Big News for Realtors, Land Contract Vendors & Foreclosing Lenders

Yesterday, Governor Snyder signed legislation dramatically impacting the General Property Tax Act.

Under this new act, the filing deadline for principal residence exemption has been changed to June 1 for the next summer tax levy and also offers property owners a second filing option of November 1st for the next winter tax levy and all subsequent tax levies.

In addition, a land contract vendor, bank, credit union or other lending institution will retain the exemption of any property they own as a result of foreclosure that held exempt status prior to the foreclosure.  The lending institution will have to pay into the School Aid Fund what it otherwise would have paid in school operating taxes as well as an administrative fee retained by the local tax-collecting unit.

For your reference, a copy of the legislation is linked here.

If you have any questions about this change to the General Property Tax Act, and the potential impact it may have on how you do business, please don’t hesitate to contact me.

Julie McKee, President  



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