Rules for owning two residences It’s time to review the rules for taxpayers who are unlucky enough to own two residences at the same time. Dating back to when Proposal A passed, we voted that every homeowner can designate one principal residence for the Principal Residence Exclusion (PRE). The advantage of having the PRE designation is that the 18 mills of school operating millage is waived. For taxpayers who have a home with a taxable value of $80,000, the PRE saves the taxpayers 18 times 80, or $1,440. For taxpayers with a house with a taxable value of $125,000, the tax savings are 18 times 125, or $2,250. Needless to say, for all of us homeowners, that PRE designation is extremely important. In normal times, because the PRE does save so much tax money, we are only allowed to have one home at a time designated as a PRE. Sell one home and lose the PRE on that home. At the sale, one of the many pieces of paper that gets signed is a Form 2602, Rescission of Principal Residence Exclusion. The closing company passes that form on to the local assessor. Buy another home and at that closing, one of the many pieces of paper signed is the Form 2368, Application for a Principal Residence Exclusion. The closing company also passes that form on to the local assessor and the buyers get the PRE on the new home. I do recommend that taxpayers check with the local assessor to ensure the PRE application was received. Some things are important enough to follow up with a telephone call and it may be a $1,440 or $2,250 telephone call. We also all know we are not living in normal times. For example, a Grand Rapids job for a Rockford resident that was thought to be secure on Friday afternoon is eliminated on Monday morning. A replacement job, after a lengthy search of a year, is found in the Port Huron area. The taxpayer rents an apartment in Port Huron while the family stays in Rockford just to make sure the job is going to work out. After two months, it is apparent the job is going to work, so they look for a home there and […]
March 31 2011
2nd Mary Lou Mawby, Audlane Pedley 3rd Loretta Berg, Mary Dodds, Seth Hodges, Peyton James, Hannah Oostdyk-Howard 4th Walter Baranowski, Marianna Inchauste, Vic Palmer, Shirley Sherwood 5th Sandy Dryer, Jean Moore, Angela Thompson 6th Emily Blakeslee, Jenna Fowle, Tom Fusee, Robert Gulliver, Sharon Havemeier 7th Samantha Bartish, Charlie Mawby, Marianne Montgomery, Mindy Peterson, Margie Woods 8th Jane Banker, Charles Breihof, Todd Des Noyers, Thelma Golaher, Rich Hull
Mrs. Linsley’s second-grade students at Parkside Elementary, read to the Busy Bee students in Mrs. VeltKamp’s class. Pictured are (l–r) Katie Rodriguez, Camdyn Patzer and Guinavier Waite. As part of reading month, the second-graders made books that they then read to the Busy Bees. Each Busy Bee got to keep one of the books to take home. The extra books were donated to the Busy Bee classroom. All the students enjoyed a snack while they enjoyed their books.
Rockford High School (RHS) senior art student Shelby Blackmore received a $10,000 scholarship to Kendall College as part of their annual Art Day Competition held on March 19. This competition was open to students in all media, including, but not limited to, drawing, pastel, watercolor, painting, ceramics, textiles and weaving, graphic design, industrial design, furniture design, photography, and conceptual art. Students were asked to submit three of their best and original artworks by 10 a.m. Saturday and return at 2:30 p.m. for the awards presentation. This year, there were 111 entries from three different states, including Michigan, Ohio and Illinois. Blackmore is one of 15 students selected to receive a scholarship award. Her three pieces were titled “Inspired,” “Rooted” and “Grounded.” These three pieces are part of a concentration of 12 pieces she is currently working on as part of her senior portfolio. Blackmore’s award-winning work, along with other RHS students’ projects, will be on display at the RHS Art Show May 24-26.
Saturday, April 2 Family Friendly Concert—10:30 a.m. in the Covenant Fine Arts Center at Calvin College, 3201 Burton SE, Grand Rapids, presented by the college’s music department. performance is free and open to the public. For more information, visit www.calvin.edu/academic/music/calendar. Student Recital with Soprano Rachel Abma—3 p.m. in the Covenant Fine Arts Center Recital Hall at Calvin College, 3201 Burton SE, Grand Rapids, presented by the college’s music department. Free and open to the public. For more information, visit www.calvin.edu/academic/music/calendar. Saturday, April 3 Rockford Masonic Lodge Swiss Steak Dinner—12 to 1:30 p.m. at 1430 Northland Dr. Cost is $8 for adults and $3 for children under 10 years of age. Dinner includes Swiss Steak, choice of two vegetables, mashed potatoes with gravy, salad, dinner roll, piece of pie and beverage. This is open to the community, so everyone is invited to join us. Tuesday, April 5 North Kent Toastmasters Club Meeting—7 p.m. at Prudential Preferred Realtors, 502 Northland Dr. NE (at 11 Mile Rd.), Rockford. Members enhance valuable public speaking and leadership skills through practice and encouragement, at their own pace. Guests welcome. For directions, call Sue at (616) 866-3509 or visit www.nkctm.org. Country Music—9:30 to 11:30 a.m. every Tuesday at Rockford Ambulance Community Center, corner of 10 Mile Road and Shaner Avenue in Rockford. Music by the Rogue River Band. Enjoy free coffee, tea and snacks. Mended Hearts Meeting—7 p.m. at Spectrum Health Fred & Lena Meijer Heart Center, 100 Michigan St., Grand Rapids, room 8815 on eighth floor. This nonprofit support group—affiliated with American Heart Association—offers hope, information and encouragement to heart patients, families and caregivers through those who have experienced heart disease. For more information, contact Jim Oldfield at (616) 891-9395. Wednesday, April 6 Business Counseling—Starting a new business or have questions about your existing business? The Rockford Chamber of Commerce and the Service Corps of Retired Executives (SCORE) would like to help. SCORE is a nonprofit organization sponsored by the U.S. Small Business Administration and is dedicated to helping the small-business community through no-fee mentoring, business counseling and low-cost workshops. A SCORE counselor will be at the Chamber starting at 9 a.m. Please call the Chamber at (616) 866-2000, Mon.–Fri. from 9 a.m. to 4 p.m., to schedule an appointment. Thursday, April 7 […]