BEST ANSWER
Typically adjustments in the tax status of property are done once a year, on May 1st, with the following July 1st bill reflects changes in tax rate billing status...homestead or non homestead. So some consolation if you must make the change to non homestead since you can claim only one homestead property in Michigan (if there are loopholes in this law I have not figured any out) : if you rescind homestead status on a property this month, July 2009, by filing the required form at the city assessor's office you will not see the change reflected in tax amount billed until the July 2010 tax bill. Some communities pick up the new status for the typically smaller Dec 1 tax bill if a property status change has been make after May 1 but before the Dec 1 bill is generated...check with your city assessor. Please consult with a good real estate attorney if you need advice on transfering a residential property to a business entity...call or email if you need a name or two.
Zoning issues may come into play.
Sat Jul 4 2009, 06:00
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