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Rescission of Principal Residence ExemptionPatterson Urges Homeowners to Take Advantage of Principal Residence Exemption Pontiac, MI, July 22, 2008 Oakland County Executive L. Brooks Patterson wants to make homeowners aware of a new law which may provide some financial relief for people having trouble selling their homes in a depressed economy. The major benefit from the so called Conditional Rescission of Principal Residence Exemption is that homeowners will be entitled to a reduction of up to 18 mills in their tax rate on the home that is for sale, as well as the home that is now occupied, said Patterson. However, for the homeowner to qualify for the exemption, the home being sold must:
Dave Hieber, manager of the Oakland County Equalization Department, says that previously homeowners were not entitled to more than one Principal residence exemptions. According to the new statute, explains Hieber, a homeowner can now receive a Principal exemption benefit for their currently occupied home and a conditional Principal exemption on the home that is being sold. On July 10, 2008, Governor Jennifer Granholm signed Senate Bill 1239, enacting Public Act 198 in 2008 which enables homeowners who missed the May 1, 2008 deadline to file an appeal for the 2008 July or December Board of Review to claim a Conditional Rescission for the 2008 tax year only. In order to apply for a Conditional Rescission, homeowners must submit a Conditional Rescission of Principal Residence Exemption (form 4640) to the assessor for the township or city in which the property is located. To obtain this form and information on filing an appeal to the 2008 July or December Board of Review, please contact your local assessors office or the Oakland County Equalization Department at 248-858-0776.
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