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Mackinac Center for Public Policy
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2013 House Bill 4135: Let foreclosing banks claim homestead tax exemption
  1. Introduced by Rep. Frank Foster (R) on January 30, 2013, to grant a homestead property tax exemption for up to three years to a bank or other financial institution that has foreclosed and taken possession of a home because the borrower failed to make payments on the mortgage loan, as long as the property is for sale and not leased out.
    • Referred to the House Tax Policy Committee on January 30, 2013.
      • Reported in the House on April 10, 2013, with the recommendation that the substitute (H-1) be adopted and that the bill then pass.
    • Substitute offered in the House on March 27, 2014. The substitute failed by voice vote in the House on March 27, 2014.
    • Substitute offered by Rep. Joseph Haveman (R) on March 27, 2014, to replace the previous version of the bill with one that revises details but does not change the substance as previously described. The substitute passed by voice vote in the House on March 27, 2014.
    • Substitute offered in the House on March 27, 2014. The substitute failed by voice vote in the House on March 27, 2014.
  2. Passed 85 to 23 in the House on March 27, 2014, to grant a homestead property tax exemption for up to three years to a bank or other financial institution that has foreclosed and taken possession of a home because the borrower failed to make payments on the mortgage loan, as long as the property is for sale and not leased out (even to the former owner).
    Who Voted "Yes" and Who Voted "No"

  3. Received in the Senate on April 22, 2014.
    • Referred to the Senate Finance Committee on April 22, 2014.
      • Reported in the Senate on May 7, 2014, with the recommendation that the substitute (S­1) be adopted and that the bill then pass.

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