Governor Granholm signed House Bill 4215 (now Act 96 of 2008) yesterday. This will be a huge relief for a certain segment of homeowners who have had to move elsewhere in the state, but have been unable to sell their first house. The owners will be allowed to maintain their principal resident status (and thus pay much more reasonable property taxes) for three years on both homes if the following criteria are met:
*the property is not occupied,
*the property is for sale
*the property is not leased or available for lease
*the property is not used for any business or commercial purpose
With the current economy and the many people struggling to avoid foreclosure, this is very good news.
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