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| Hurry, Only 10 Days Left to Take Advantage of Principal Residence Exemption Forms are due May 1st. As a follow up to last week’s e-news alert regarding the Passage of Public Act 96 (see article) which enables home sellers to retain 2 principal resident exemptions for property still on the market after the seller has moved elsewhere in the state, the “Conditional Rescission of Principal Residence Exemption Form #4640" form from the Department of Treasury is now available. Public Act 96 enables a person who has established a new principal residence to retain a Principal Residence Exemption (PRE) on property previously exempt as the owner’s principal residence that is not occupied and for sale by submitting a Conditional Rescission of Principal Residence Exemption Form #4640. The conditional rescission allows an owner to receive a PRE on his or her new property and on previously exempted property simultaneously if certain criteria are met: • the property is not occupied *The opportunity to apply and qualify for a conditional rescission begins for the 2008 tax year and is not retroactive to previous tax years. To qualify for the conditional rescission in 2008, Form #4640 must be submitted to the assessor of the local unit of government where the property is located on or before May 1, 2008. The Board of Review has no authority with regard to a conditional rescission and cannot institute a conditional rescission on behalf of an owner if a deadline is missed or for previous tax years. An owner must annually submit Form #4640 on or before December 31 to verify to the assessor that the property for which the PRE is retained is not occupied, is for sale, is not leased, and is not used for any business or commercial purpose. The Department of Treasury is in the process of developing a Frequently Asked QuestionS sheet to address various issues related to the new conditional rescission. They hope to have those questions posted on the Web some time next week. Form #4640, which includes an instruction page, can also be found at www.michigan.gov/taxes. If you have any questions regarding conditional rescissions, please feel free to contact the PRE Unit at (517) 373-1950 or email Patrick Huber, Manager of the Property Tax Exemption Section, at huberp@michigan.gov. NAR's Chief Economist Contributes to Broker Summit Success The 2008 Broker Summit was yet another successful MAR Event. Thank you to all of those AE's who were in attendance. Please complete the post event survey, located on the MAR Web site, and please direct your members to the survey as well. Session handouts are also available for download for a limited time. Nominate a Good Neighbor in Your Area NAR's REALTOR® Magazine is still accepting applications for their annual "Good Neighbor Awards". Be sure to nominate one of your local REALTORS® who is an active volunteer. The Good Neighbor Awards recognize REALTORS® who've made an extraordinary commitment to improving the quality of life in their communities through volunteer work. Five winners will receive $10,000 grants for their cause. Application deadline is May 23. Click here for the Good Neighbor Application, or to learn more. Tame the Change at MAR's 2008 Convention & Expo Save the date, MAR's 2008 Convention & Expo is September 17-19, 2008, and plans are underway for another valuable event. "Tame the Change" for a themeless Convention, that will focus on the latest trends for knowledge sessions, and as always will be offering CE credit opportunities. With a variety of networking opportunities, there is no better place to connect with other REALTORS®. Be sure to start spreading the word to members, and including the Convention in your publications and conversations. Convention media kits will be sent to all locals next month, and will include all of the materials you need to promote the event. Nomination forms for REALTOR® of the Year and REALTOR® Active in Politics will be available soon, so don't forget to represent your association, start thinking of your nominee now. For the latest Convention information, visit the MAR Web Site. The Michigan Association of REALTORS® (MAR) is pleased to announce the addition of new staff member Michelle Brant. Effective May 5th, Michelle will be joining the MAR Public Policy Department and will serve as the Southeast Michigan Field Director. For the past 3 years, Michelle served as Executive Vice President at the Livingston County Association of REALTORS®. Prior to joining the Livingston association, she worked in the Michigan Legislature from 2001-2005. During this time, Michelle served as Chief of Staff/Legislative Aide for Representative Chris Ward and Legislative Aide for State Representative Judie Scranton. Michelle received her Bachelor of Arts in Political Science/Pre Law from Michigan State University in 2000 and is an alumnus of the Michigan Political Leadership Program and Leadership Livingston. She is currently pursuing courses towards her Masters in Public Relations at Michigan State University. Please join us in welcoming Michelle! National Brownfields Conference Comes to Detroit The National Brownfields Conference is the largest, most comprehensive conference focused on cleaning up and redeveloping abandoned, underutilized, and potentially contaminated properties in the nation. The 2008 conference will take place at the Cobo Center in Detroit May 5 - 7. There is no better deal in the redevelopment marketplace than Brownfields 2008. Why? Because registration is free for attendees.
MAR Calendar of Events
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Michigan 48901-7925 Copyright © 2005 Michigan Association of REALTORS® |
