To the Editor,

The Lenawee County Association of Realtors would like to applaud and commend State Representative Dudley Spade for his efforts on a new bill that he is introducing.

Currently, if you buy a foreclosed home, you are going to pay the higher tax rate that the state has assessed on non-homestead properties until the next tax review cycle. Under the new Spade Bill, new homeowners would be able to file for a predetermination of property tax liability and if they qualiy for a homestead exemption, would be able to begin paying the lower rate immediately. Because most lenders base mortgage approval not on the total value of the home, but rather the monthly payment the buyer will be responsible for, this change would immediately reduce the level of escrow required for property tax. This will result in a lower monthly payment for perspective owners, allowing them to afford to buy a home in the current market. This will make the purchase of properties in our area more affordable, and will tremendously help both buyers and sellers in our marketplace.

Respectfully submitted by The Board of Directors of the Lenawee County Association of Realtors.

President Sherrie Beaubien
President Elect David McCrate
Treasurer Brad Frederick
Past President Mark Baker
Mike Ahleman, Director
Steve Brandt, Director
May Clymer, Director
Barbara Teller, Director
Joe Wagley, Director
Kathy Zmijewsksi, Director