LANSING, Mich. — State Sen. Mike Nofs, R-Battle Creek, praised the passage of Senate Bill 78 on Thursday, which would allow a family member who inherits a property to retain for up to two years the existing Principal Residence Exemption (PRE) on the property due to the loss of a family member.
“This bill allows the proper time for the family to make the necessary funeral arrangements, go through the grieving process, and to then deal with what can be a lengthy process of getting a property title, cleaning out the property and preparing the property for sale,” Nofs said. “There is no good reason to add to the burden of going through the difficult process of losing a loved one. No one loses under this bill as the same amount of tax the previous owner would have paid will still be paid by the inheritor.”
The bill, sponsored by Nofs, now heads to the House for further consideration.