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Two Simultaneous Principal Residence Exemptions

October 26, 2012

Homeowners who are selling their homes, but moved into another home elsewhere in the State, get to have two Imageprincipal resident exemptions. …the St of MI Act provides that an owner may retain an exemption for up to 3 tax years on property previously exempt as principal residence if that property:

• is not occupied;
• is for sale;
• is not leased; and
• is not used for any business or commercial purpose

Big penalty for not rescinding when the old home is sold.

We complete this form free for clients that have retained us under buy/sell brokerage, minimal fee for others.

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