The 2011-2012 Michigan House and Senate legislative sessions have wrapped up, yielding some long-fought and well-earned legislative victories for the Michigan Association of REALTORS?. These victories are made possible by the dedication of REALTOR? members across the State:
Appraisal Management Companies-House Bills 4975 & 5271 were introduced in Michigan to be incompliance with federal financial reforms, which require state regulation of AMC?s. The legislation defines, regulates and set penalties for AMC?s operating in Michigan.
Building Inventory Tax Relief-This legislation provides property tax exemptions to inventory and spec homes in new developments. The new law provides new builds and inventory in development with a lower tax assessment until those properties are occupied.
Principal Residence Exemption-The new law alleviates those situations where a person may enter an assisted living facility, (with intentions of returning to their property), leaving their principal residence unoccupied and subject to a higher tax liability.
Principal Residence Enhancement Legislation-This fair, honest and sound property tax reform allows two dates for homebuyers to file for and receive their principal residence exemption, June 1st and November 1st. It also prevents foreclosures from losing their principal residence exemption, making it easier to qualify buyers and moving inventory.
90-Day Foreclosure Extension-The new law extends the 90-day foreclosure to June 30, 2013. This timeframe is important for homeowners as it allows them to meet with the lenders to try and work out a loan modification. It is anticipated that the new legislature will be looking to make changes to the State?s overall foreclosure process in the first 6 months of 2013.
Personal Property Tax Phase-Out-Legislation was passed by the Legislature providing the framework for the phase out of the PPT. This phase-out gives Michigan a clearer path for economic growth and moves the state up the ranks in terms of job competitiveness.
MSHDA Changes-Legislation was recently signed into law that keep the Michigan State Housing Developmemt Authority current and competitive with loan products available to low and moderate income homebuyers across the State.
Legislation Defeated-Occasionally, MAR must work hard to defeat legislation that is not in the best interest of its membership and/or the rights of private property owners. Legislation, which was aimed to exempt persons engaged in ?residential property management? from licensure as real estate brokers/salespersons, was defeated!
Source: http://realestate411now.com/2011-2012-michigan-house-and-senate-legislative-sessions/
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