MI SB0349

Extends the principal residence exemption filing deadline from May 1 to June 1 for summer tax levies and November 1 for winter tax levies for taxes levied after December 31, 2011.

Allows owners to retain exemptions for up to 3 tax years on previously exempt property if it remains unoccupied, for sale, and unused for business purposes by filing a conditional rescission form by May 1.

Permits foreclosed properties to retain exemptions if owned by a land contract vendor, bank, credit union, or lender, provided the property is not occupied, is for sale, and is not leased except to the previous exemption claimant; requires annual verification and payment of applicable taxes plus an administration fee.

Establishes penalties of $5.00 per day (maximum $200.00) for owners failing to timely file rescission forms when property is no longer a principal residence.

Creates an audit system allowing counties to elect exemption audits every 5 years with 5 annual audit periods, with the Department of Treasury conducting audits in non-electing counties.