Senate Bill 77, sponsored by Senator Jud Gilbert (R – Algonac) unanimously passed the Senate Finance Committee yesterday. This legislation would provide for an additional “Principal Residence” filing date of October 1st.
As you know, Michigan homeowners can claim one principal residence in Michigan to qualify for an exemption from a portion of local school operating taxes. To claim this exemption, one must file the principal residence affidavit with their township or city by May 1st. Thereafter, a purchaser must take on the burden of 18 additional mills until the next principal residence exemption period begins anew. This legislation has become particularly important since “non principal resident” properties, specifically foreclosures, have flooded Michigan’s real estate market. If passed through the House and Senate, Senate Bill 77 will provide much needed tax relief to Michigan’s homebuyers by providing them with an additional filing date to make home loans more attainable.
We thank the Senate Finance Committee Chair, Senator Nancy Cassis (R – Novi), bill sponsor, Senator Jud Gilbert (R - Algonac) and committee members Senator Mark Jansen (R- Cutlerville), Senator John Pappageorge (R-Troy) Senator Gilda Jacobs (D - Huntington Woods) and Senator Deb Cherry (D - Burton) for their support of this important legislation. The MAR Public Policy staff will continue to meet with legislative leaders to help move Senate Bill 77 though the House and Senate.
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