April 30, 2008 TRI-CITY AREA — Did you recently upgrade your housing but can't seem to find a buyer for your former residence?
Obviously, the situation is less than desirable, but thanks to a recent move by the governor and state legislature, you could save some cash on your 2008 property taxes.
Earlier this month an amendment was made to the General Property Tax Act which allows a person who's purchased a new home to retain a principal residence exemption on their previous residence as long as it's up for sale, is not leased or occupied or is not being used for any business or commercial purpose.
Unfortunately, there's not much time left to take advantage of the exemption. The proper forms (4640) must be submitted to one's local assessor by tomorrow, May 1.
It's not retroactive to previous tax years.
Chris Wendt, a Capac-area resident who works as an assistant to the Bruce Twp. assessor, said she's been trying to get the word out locally.
"It could mean thousands of dollars," Wendt said.
Homeowners can use the double exemption for up to three years.
Even if homeowners aren't able to meet the May 1 deadline, Wendt said, they can prepare to file the proper paperwork by December 31 for next year if it appears their situation will remain the same.