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Mackinac Center for Public Policy
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2013 Senate Bill 532: Let foreclosing lender keep homestead property tax exemption
  1. Introduced by Sen. Jack Brandenburg (R) on September 19, 2013, to revise a provision that allows a bank or other lending institution that has foreclosed on a residence to retain the previous owner’s principal residence exemption on for up to three years. The bill would eliminate a requirement that the lending institution pay what it otherwise would have paid in school operating taxes without the exemption. (The requirement means the lender doesn’t actually save any money, but keeping the “exemption” nevertheless makes it easier to sell the property to a new homeowner).
    • Referred to the Senate Finance Committee on September 19, 2013.
      • Reported in the Senate on October 31, 2013, with the recommendation that the bill pass.