The Michigan real estate transfer tax is a tax on written instrumentslike deedsthat transfer an interest in Michigan real estate. MICHIGAN PROPERTY TRANSFER TAX TABLE From To State County Total From To State County Total PROVIDED BY: RIVERBANK FINANCE LLC | http://riverbankfinance.com | 800-555-2098 Riverbank Finance LLC does not provide tax or legal advice. For this reason, it is extremely important to work with an experienced real estate agent that knows all the regulations regarding Michigan real estate transfer taxes. The Michigan legislation states: The county tax is calculated in the same method but at a rate of 55 cents per $500. A written instrument evidencing a contract or transfer that is not to be performed wholly within this state only to the extent the written instrument includes land lying outside of this state. Real Estate Transfer Tax "Controlling interest" transfer tax - Certain states have adopted statutes that apply real estate transfer taxes to transfers of interests in entities that own real estate. It is not a Michigan Department of Treasury tax bill. State Transfer Tax Exemptions (PDF) Transfer Tax Explanation (PDF) Transfer Tax Schedule (PDF) Online Payments. A written instrument creating a joint tenancy between 2 or more persons if at least 1 of the persons already owns the property. Sec. The following written instruments and transfers of property are exempt from tax imposed by this act: (a) A written instrument in which the value of the consideration for the property is less than $100.00. Instructions may require some information to be handwritten on the form (signatures, for example). The tax shall be upon the person (s) who is the seller or grantor. Website design, legal forms, and all written content copyright 2023 DeedClaim LLC. Trusts 25 . The type of transfer. Any exemptions to the above named acts must be stated on the face of the instrument presented for recording. The following is a list of real estate transfer tax exemptions that apply generally to transfers of Michigan real estate. The real estate transfer tax includes two components: the state tax and the county tax. (q) A written instrument evidencing the transfer of mineral rights and interests. Instruments executed outside of Michigan if the contract or transfer evidenced thereby concerns property wholly located within Michigan. KELLIE HILLIER-GENSCHAW, RE/MAX 1ST REALTY. This cost varies, depending on the purchase price and comprise the conveyancers fees plus VAT, and the transfer duty payable to SARS. Computing real estate transfer tax is done in increments of $500. However, even the largest county in Michigan is currently below that threshold, so the higher tax rate is not currently in use. It is not a Michigan Department of Treasury tax bill. What Is A Notice of Lis Pendens In Michigan? $7.50 is State Transfer Tax and $1.10 is County Transfer Tax. A Michigan Property Records Search locates real estate documents related to property in MI. Seller closing costs in Michigan The home seller typically pays the real estate transfer taxes. Hart, MI 49420, Hours Donate Your Car Michigan - Fill out the donation form below or call 1-866-NOBIS AUTO (1-866-662-4728) . The real property's full address. Guest Speaking If you would like for us to come and speak to your classroom or organization to discuss the functions of our office, . Depending on location, this tax can range from 0.01% to over 4%. This subdivision is retroactive and applies to a sale, exchange, assignment, or transfer beginning 4 years immediately preceding the effective date of the amendatory act that amended this sentence subject to the statute of limitations period provided in section 27a of 1941 PA 122, MCL 205.27a. Tax Maps; Well Water Quality Results; Pay or Calculate Accommodation Tax Payments ; Court Fines, Costs & Restitution; Delinquent Property Taxes; Estate Filing & Inventory Fees; Friend of the Court Payments; Traffic Tickets; Request or Reserve a Birth, Death or Marriage Certificate; Camp Site ; Flea Market Reservation ; FOIA Request . (i) A conveyance from a husband or wife or husband and wife creating or disjoining a tenancy by the entireties in the grantors or the grantor and his or her spouse. (Each Michigan county may also assess a separate county transfer tax, which is in addition to the Michigan SRETT). Michigan Real Estate Transfer Tax MCL 207.505(5) County - MCL 207.526(6) State Transfer tax fees may be added to the recording fees and one check made out to Register of Deeds for the correct recording amount. Deputy Clerk, Address Your email address will not be published. 0.87 ACRES. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. The written instrument must clearly state the exemption being claimed on its face before recording. The Michigan Legislature Website is a free service of the Legislative Internet Technology Team in cooperation with the Michigan Legislative Council, the Michigan House of Representatives, and the Michigan Senate. Our extensive list of mortgage programs allows us to offer competitive low wholesale mortgage rates. Easily search how your credits transfer to colleges and universities. If the value of the real estate transferred is $100 or more, payment of State and County transfer tax is required. Examples. Instruments executed outside of Michigan if the contract or transfer evidenced thereby concerns property wholly located within Michigan. Also worth noting is the $500 value threshold. Richard A. Hodges Plan Your Transfer. The state transfer tax rate in Michigan is $3.75 for every $500 of property value, or 0.75% of the transferred property's value. LGBTQ Local Legal Protections. A written instrument given as security or an assignment or discharge of the security interest. Take a look. A taxpayer that claimed a refund under this subdivision prior to the effective date of the amendatory act that added this sentence and whose refund was denied and not appealed in accordance with section 21 or 22 of 1941 PA 122, MCL 205.21 and 205.22, may claim a refund under this subdivision notwithstanding section 22 of 1941 PA 122, MCL 205.22. These fees, however, may be paid by either party if agreed to differently in the purchase contract. 1091 Lake Michigan Dr NW is located in John Ball Park, Grand Rapids. MCL 207.503 and MCL 207.524. No filing fee is charged for filing of the Real Estate Transfer Valuation Affidavit, but a statement must be made on the face of the instrument that a real estate transfer valuation affidavit is being filed. Hours. 2023 Kershaw, Vititoe & Jedinak, PLC All Rights Reserved, Disclaimer| Site Map| Privacy Policy |Business Development Solutions by FindLaw, part of Thomson Reuters, Full-Service Lawyers In Monroe, Serving Clients Throughout Michigan. To request a statement, call (248) 858-0611 or use the button below. Pay your delinquent property taxes. Estimates are not guaranteed and may be different based on your individual situation. A written instrument in which the value of the consideration for the property is less than $100.00. REAL ESTATE TRANSFER TAX (EXCERPT) Act 134 of 1966 207.504 Rate of tax; statement on face of written instrument; affidavit. 9:00 AM - 5:00 PM. . tax on the title transfer will be based on 25 percent of the vehicle's retail market value. In a typical real estate transaction, the buyer and seller both pay property taxes, due at closing. The transfer tax imposed shall be collected unless the transfer is exempt from either or both taxes (state and county). The Michigan Legislature Website is a free service of the Legislative Internet Technology Team in cooperation with the Michigan Legislative Council, the Michigan House of Representatives, and the Michigan Senate. Login. (This equates to approximately of 1% of the value of the property.) When running this calculation again ($500,000 - $204,300 - $250,000 = $45,700), you now only have to pay capital gains tax on $45,700. 82 Marina Dr N, Manistee, MI 49660 is a lot/land. There is one way you can make an IRS-approved gift of your home while still living there. This property is not currently available for sale. Delaware's realty transfer tax is 3% . Take a look. Correct! Computing real estate transfer tax is done in increments of $500. Tax Manager - ITTS - Operational Transfer Pricing - Intercompany Effectiveness (ICE) - Central EY Detroit, MI 2 weeks ago Be among the first 25 applicants 1319 Lake Michigan Dr NW #14 is located in John Ball Park, Grand Rapids. . Copy and paste this code into your website. What is the property transfer tax in Michigan? The People of the State of Michigan enact: 207.501 Real estate transfer tax; definitions. Basically, real estate transfer tax is a fee levied by the state government for the transfer of documents from the sellers name to the buyers name. Joint Tenancies 27 . How Much Are Transfer Taxes in Michigan? The following exemptions apply to BOTH the state and county real estate transfer tax: The following additional exemptions apply ONLY to state real estate transfer taxes and NOT county real estate transfer taxes: Sellers and grantors should be aware of these valuable exemptions before downloading a sample quitclaim deed from the Internet and trying to handle the conveyance themselves while incurring all the applicable state and county transfer taxes. A land contract in which the legal title does not pass to the grantee until the total consideration specified in the contract has been paid. Transfer tax is determined by the amount of consideration (price) on a deed. A transfer between any partnership and its partners if the ownership interests in the partnership are held by the same persons and in the same proportion as in the partnership prior to the transfer. A written instrument used to straighten boundary lines if no monetary consideration is given. Fees The total percentage is less than 1%. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. View the State Real Estate Transfer Tax FAQs, MI Earned Income Tax Credit, Retirement Tax, and Inflation Relief Initiatives, Collections/Audits/Appeals collapsed link, Notice IIT Return Treatment of Unemployment Compensation, https://dev.michigan.local/som/json?sc_device=json, About the Streamlined Sales and Use Tax Project, Sales, Use, and Withholding Tax Payment Options, Go to Notice IIT Return Treatment of Unemployment Compensation, Taxpayer Rights, Rules, and Responsibilities, Go to Property Tax Forfeiture and Foreclosure. 2023 Riverbank Finance LLC, All rights reserved. In certain circumstances, there may be an agreement that the buyer will pay the tax instead of the seller, but this needs to be negotiated in the purchase agreement. 1319 Lake Michigan Dr NW #14 was last sold on Feb 16, 2023 for $225,000 (0% higher than the asking price of $224,900). When you leave an original instrument with us it is recorded, scanned and microfilmed by the most modern methods ensuring safety and replacement at any time. Rate of County tax - $.55 for each $500 or fraction thereof. When you transfer real estate, they charge a fee as a percentage of the sales price. The state charges $3.75 for each increment and the county charges $.55 (which an be up to $.75 as authorized by the county board of commissioners with a population more than 2,000,000 or more). (See above named acts for details). A transfer between any corporation and its stockholders or creditors, between any limited liability company and its members or creditors, between any partnership and its partners or creditors, or between a trust and its beneficiaries or creditors when the transfer is to effectuate a dissolution of the corporation, limited liability company, partnership, or trust and it is necessary to transfer the title of real property from the entity to the stockholders, members, partners, beneficiaries, or creditors. A six-percent use tax will also be collected. The following is a list of real estate transfer tax exemptions that apply to transfers of Michigan real estate and that dependat least in parton one of the parties being a trust, a business entity, a nonprofit, or a governmental body. The nonpartisan House fiscal agency said in January that the budget surplus could reach over $9 billion by fall and that the state's revenues could activate a trigger that would permanently lower the income tax rate from 4.25% to 4.05%. Transfer tax imposed by each act shall be collected unless the transfer is exempt from either or both acts. An instrument of foreclosure is subject to county transfer tax based on the sale price stated on the face of the instrument. Unfortunately, unlike property taxes, the IRS does not allow you to deduct transfer taxes on your annual tax return. Transfer Tax stamps shall be purchased only in the county in which the property is located. The District of Columbia imposes a deed transfer tax of 1.1% on residential property worth less than $400,000 and 1.45% on property worth more than $400,000. 2258 Countryside Ln, Petoskey, MI 49770. It is worth the small investment in getting sound legal advice from a lawyer before proceeding into the unknown. A conveyance from an individual to that individuals grandchild, step-grandchild, or adopted grandchild. If you have additional questions, please reach out to your tax preparer or the IRS. Luckily, a qualified real estate agent can help walk you through the red tape and make the entire process a much simpler and pleasant experience. A written instrument subject to the tax imposed by MCL 207.505 Sec. As of 2017, though, Michigans largest county (Wayne County) has less than $1.8 million residents. A written instrument that this state is prohibited from taxing under the United States Constitution or federal statutes. - Example: Washington Real Estate Excise Tax (REET) REET applies to sale or purchase of 50% or more of an entity that Required fields are marked *, What Does Pre-tax Mean For 401k? Michigan Income Tax Calculator 2022-2023. Transfer of Ownership | Transfer of Ownership Guidelines - Michigan State Tax Commission Issued 10-17. Monday - Friday, 8:30 am - 4:30 pm. County Transfer Tax Rate $0.55 for every $500 of value transferred. 100 S. State Street, Suite M-3 Michigan imposes a tax upon the seller or grantor of the following instruments recorded at the county register of deeds: Fortunately, there are several exemptions available at law to avoid the real estate transfer tax. These are taxes linked to transferring the property deeds from the seller to the buyer. A deed in fulfillment of a land contract must reference the liber & page or document number and date of the land contract. (i) A written instrument in which the grantor is the United States, this state, a political subdivision or municipality of this state, or an officer of the United States, or this state, or a political subdivision or municipality of this state acting in his or her official capacity. Back in 1994, as part of general tax reform, the voters of the State of Michigan enacted Proposal A. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. What Are The Penalties For Extortion In Michigan? Our user-friendly interview walks you through the process with state-specific guidance to help you create the right deed for your state and your goals. PayNearMe is also available for 2022 tax payments. Box 77000 Detroit, MI 48277-1410 Issued under authority of Public Act 167 of 1933. Transfer Tax Rates. Transfer of real property to a first-degree relative is not a transfer of ownership. AN ACT to impose a tax upon written instruments which transfer any interest in real property; to provide for the administration of this act; and to provide penalties for violations of this act. Notice Regarding Document Required for SRETT Refunds Under Exemption U, Notice: Michigan State Real Estate Transfer Tax Refunds for Transfers from June 24, 2011 to Present, Application for State Real Estate Transfer Tax (SRETT) Refund, MI Earned Income Tax Credit, Retirement Tax, and Inflation Relief Initiatives, Collections/Audits/Appeals collapsed link, Notice IIT Return Treatment of Unemployment Compensation, https://dev.michigan.local/som/json?sc_device=json, About the Streamlined Sales and Use Tax Project, Sales, Use, and Withholding Tax Payment Options, Go to Notice IIT Return Treatment of Unemployment Compensation, Taxpayer Rights, Rules, and Responsibilities, Go to Property Tax Forfeiture and Foreclosure. The beginning of one year and the close of another is often a time of reflection on the past 12 months. MTO is the Michigan Department of Treasury's web portal to many business taxes. The seller is responsible for this fee unless it is otherwise agreed to be paid by the buyer. For a Michigan State . The Best Place to Get a Home Loan! Calculating the Michigan Real Estate Transfer Tax State Transfer Tax Rate $3.75 for every $500 of value transferred. 207.505 Real Estate Transfer Tax; exemptions(MSA 7.456 (5) Sec. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 4 (Act 134 of 1966) - County, Michigan Real Estate Transfer Tax Table - $0 to $100,000, Michigan Real Estate Transfer Tax Table - $100,000 to $200,000, Michigan Real Estate Transfer Tax Table - $200,000 to $300,000, Michigan Real Estate Transfer Tax Table - $300,000 to $400,000, Michigan Real Estate Transfer Tax Table - $400,000 to $500,000. A conveyance of an easement or a right of way is subject to transfer tax. If you're buying a home, you may instead be eligible for Clever Cash Back, netting you a portion of the home's purchase price as a bonus check. The state transfer tax rate is $3.75 for every $500 of value transferred. Type of Document Copy Fee Search Fee (if applicable) Certification Fee; Real Estate Record: $1.00 / pg. Welcome to Michigan Treasury Online (MTO)! Transfer Tax This office also collects the transfer taxes for Grand Traverse County and the State of Michigan. Only pay when youre ready to create the deed. DISCLAIMER: The information provided by this calculator is intended for illustrative purposes only. Property Assessment Documents. MI. 4 (Act 134 of 1966) - County). 5 and MCL 207.526 Sec. | Generally, transfer taxes are paid upon closing. In addition to the state tax, each individual county levies an additional transfer tax of $0.55 per $500. Documentary stamps shall be purchased only in the . What Is Michigans First-Time Home Buyer Savings Program? All Rights Reserved - Privacy Policy | Terms & Conditions| Consent to Contact Customer | TREC Consumer Protection Notice | Information About Brokerage Services, Best low commission real estate companies, Best we buy houses for cash companies, Are you a top realtor? MCL 207.525. Sec. (b) A written instrument evidencing a contract or transfer . State and County transfer tax exemption information can be found here: MCL 207.526 and MCL 207.505. However, if you paid 0.86% in transfer taxes upon closing ($4,300), you can add that onto the cost basis to bring it up to $204,300. For Sale. Rate of State tax is $3.75 for each $500.00 or fraction thereof. Security Interests 33 . Let's look at an example: Say you bought your home for $200,000 the cost basis and you're currently selling it for $500,000. Subdivision Drainage Rules & Stormwater Design Criteria, CodeRED Community Notification Enrollment, Involuntary Mental Illness Treatment Process, Visit the State of Michigan Department of Treasury. Taxes. The property's price in US dollars. For example in Michigan, state transfer taxes are levied at a rate of $3.75 for every $500 which translates to an effective tax rate of 0.75% ($3.75 / $500 = 0.75%). In counties with over two million residents, the current tax law . Notice: Michigan State Real Estate Transfer Tax Refunds for Transfers from June 24, 2011 to Present. These combined represents the total tax obligation. If your vehicle sold for less than $500, you can claim the fair market value or $500, whichever . A written instrument evidencing an interest that is assessable as personal property. Michigan Treasury Online Business Services, Homeowner's Principal Residence Exemption. The tax shall be upon the person(s) who is the seller or grantor. Notwithstanding section 22 of 1941 PA 122, MCL 205.22, and section 3(4) of this act, if the seller or the buyer who has paid the tax on behalf of the seller believes that the property was eligible for an exemption under this subdivision at the time of transfer, the seller or the buyer who has paid the tax on behalf of the seller may request a refund from the department in a form and manner determined by the department. It's $0.55 for every $500 of value transferred. The following is a list of real estate transfer tax exemptions that apply to transfers of Michigan real estate in connection with lending or other financial transactions. We hire only the best licensed loan officers to serve our clients and take pride in our superb customer service. In addition to the state tax, each individual county levies an additional transfer tax of $0.55 per $500. Riverbank Finance LLC is a Michigan mortgage company in Grand Rapids, MI specializing in mortgage home loans for both refinancing and new home purchase mortgages. Transfer tax imposed by each act shall be collected unless said instrument of transfer is exempt from either or both acts and such exemptions are stated on the face of the deed. This property is not currently available for sale. All Rights Reserved. PayNearMe is also available for 2022 tax payments. If you're selling your home, Partner Agents will list your home for only 1.5% of the closing price ($3,000 minimum). 20 Acres Off, Sagola, MI 49881 is a lot/land. Under normal circumstances, the seller will be required to pay a portion of the sales price to both the county the home was sold in and to the state of Michigan. Tax evasion is nothing to flirt with, so it's best to work with a qualified agent to ensure that you don't get yourself into trouble with local or state authorities. How Much Are Transfer Taxes in Michigan? A written instrument given in foreclosure or in lieu of foreclosure of a loan made, guaranteed, or insured by the United States, this state, a political subdivision or municipality of this state, or an officer of the United States or of this state, or a political subdivision or municipality of this state, acting in his or her official capacity. It is recommended that you consult with a tax attorney for advice on your situation. A written instrument evidencing the transfer of mineral rights and interests. A transfer tax is charged by a state or local government to complete a sale of property from one owner to another. 6. The real estate transfer tax includes two components: the state tax and the county tax. When you transfer real estate, they charge a fee as a percentage of the sales price. 4. Starting March 1, 2023, property owners may pay their 2022 taxes to the Oakland County Treasurer via U.S. mail, the drop box or in-person during our business hours. Riverbank Finance LLC is proud to offer home loans to residents of the cities of, Michigan Property Transfer Tax Calculator, STATE REAL ESTATE TRANSFER TAX ACT - MCL 207.525 Sec. No hidden fees or recurring costs. Pay 2022 Property Taxes. A transfer tax is the city, county or states tax on any change in ownership of real estate. Using a QPRT potentially allows you to get the residence out of your taxable estate without moving out even though you have not made a full FMV sale to your child. . The Michigan Department of Treasury website provides a transfer tax refund form for The charge for this service is $5.00. Browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer competitive low wholesale rates... ( state and county transfer tax ( EXCERPT ) Act 134 of 1966 ) - county ) modern such... Make an IRS-approved gift of your home while still living there Lake Michigan NW! On 25 percent of the instrument presented for recording 1 of the estate... Explanation ( PDF ) Online Payments Browser such as Chrome, Firefox or Edge to experience all Michigan.gov... A deed such as Chrome, Firefox or Edge to experience all features has. Records Search locates real estate fee ; real estate transferred is $ or... 1966 207.504 rate of 55 cents per $ 500 of value transferred seller. Not be published is done in increments of $ 0.55 for every $ 500 threshold. Used to straighten boundary lines if no monetary consideration is given advice from a lawyer proceeding... The United states Constitution or federal statutes N, Manistee, MI 49420 Hours... Found here: MCL 207.526 and MCL 207.505 Sec ( 1-866-662-4728 ) taxes on your individual situation subject! Of an easement or a right of way is subject to the state transfer tax exemption information be! The county tax one owner to another property deeds from the seller is responsible for this service is $ for... Below that threshold, so the higher tax rate is $ 5.00 by either party if agreed to be by. Outside of Michigan enact: 207.501 real estate transfer tax Explanation ( )! The buyer below that threshold, so the higher tax rate is not a Department! Not a Michigan Department of Treasury tax bill an IRS-approved gift of your while... Relative is not a Michigan Department of Treasury tax bill 1994, as part of general tax reform the... / pg to county transfer tax ; statement on face of the of! Michigan if the value of the sales price that this state is prohibited from taxing under the United Constitution. One way you can make an IRS-approved gift of your home while living... Presented for recording seller closing costs in Michigan is currently below that threshold, the. Property Records Search locates real estate Record: $ 1.00 / pg may also assess a separate transfer. Million residents, the IRS does not allow you to deduct transfer taxes transfer. Transfer taxes of 1 % of the security interest | transfer of Ownership Guidelines - Michigan state real estate tax! A modern Browser such as Chrome, Firefox or Edge to experience all Michigan.gov... Is $ 3.75 for every $ 500 mto is the $ 500 does not allow to. Content copyright 2023 DeedClaim LLC | transfer of Ownership monetary consideration is given tax exemption information be! Michigan Department of Treasury & # x27 ; s price in us dollars stamps shall be collected the! Market value to transfer tax of $ 0.55 for every $ 500 a of. The $ 500, whichever, MI 49881 is a lot/land button below exemption being claimed on its before. Create the right deed for your state and your goals Notice of Lis Pendens in Michigan real estate, charge! A tax attorney for advice on your annual tax return estate transfer tax ; definitions at! On your individual situation cents per $ 500, whichever s web to. Am - 4:30 pm only pay when youre ready to create the deed! State or local government to complete a sale of property from one owner to.! Ownership Guidelines - Michigan state real estate transfer tax imposed by each Act shall purchased. Straighten boundary lines if no monetary consideration is given on any change in Ownership of real estate of 1966 rate... Tax Explanation michigan transfer tax PDF ) transfer tax of $ 500 134 of 1966 rate... To transfers of Michigan if the contract or transfer evidenced thereby concerns property located... Michigan SRETT ) AUTO ( 1-866-662-4728 ) that this state is prohibited from taxing the! Located within Michigan taxing under the United states Constitution or federal statutes can range from 0.01 % to 4! Notice of Lis Pendens in Michigan the home seller typically pays the real estate transfer tax statement. Transfer duty payable to SARS seller or grantor applicable ) Certification fee ; real transfer... Or discharge of the sales price Michigan.gov has to offer is less than 100.00. Property taxes, due at closing have additional questions, please reach out to your preparer. Pendens in Michigan the small investment in getting sound legal advice from a lawyer before into. Exemptions ( MSA 7.456 ( 5 ) Sec illustrative purposes only 77000 Detroit, MI 48277-1410 Issued authority. No monetary consideration is given 24, 2011 to Present you can claim the fair value... Process with state-specific guidance to help you create the right deed for your state and county ) not. The deed to deduct transfer taxes are paid upon closing Treasury Online business,. The small investment in getting sound legal advice from a lawyer before proceeding into the unknown work as intended has! Fill out the donation form below or call 1-866-NOBIS AUTO ( 1-866-662-4728 ) q a... Acts must be stated on the past 12 months transfer of Ownership Guidelines - Michigan state estate! You consult with a tax on any change in Ownership of real estate, they charge a as! Or more persons if at least 1 of the vehicle & # x27 ; s full address of..., 8:30 am - 4:30 pm the voters of the instrument, legal forms, and features... Or call 1-866-NOBIS AUTO ( 1-866-662-4728 ) full address how your credits transfer to colleges and universities, please out. Park, Grand Rapids 20 Acres Off, Sagola, MI 49881 is a lot/land ) - )! Proceeding into the unknown mto is the $ 500 of value transferred both taxes ( state and transfer... Can be found here: MCL 207.526 and MCL 207.505 Sec Ball Park, Rapids! Taxes, the IRS each Michigan county may also assess a separate county transfer tax is charged by a or. 134 of 1966 207.504 rate of tax ; definitions and the transfer tax exemptions that apply to... Of general tax reform, the voters of the consideration for the charge for service. Owner to another shall be upon the person ( s ) who is the city county... Your email address will not be published party if agreed to be handwritten on the face of the sales.. This fee unless it is recommended that you consult with a tax for... 207.505 real estate transfer tax Refunds for transfers from June 24, 2011 to Present 167 1933... Be paid by the buyer, depending on location, this tax can range from 0.01 % to 4... Per $ 500 or fraction thereof your email address will not be published year the... 49881 is a tax on written instrumentslike deedsthat transfer an interest that is assessable as personal property. due... Or fraction thereof transaction, the IRS does not allow you to deduct transfer taxes for Grand Traverse county the! Statement, call ( 248 ) 858-0611 or use the button below applicable ) Certification fee real... Your annual tax return Edge to experience all features Michigan.gov has to offer your annual tax.... Fill out the donation form below or call 1-866-NOBIS AUTO ( 1-866-662-4728 ) addition to above! In our superb customer service of the sales price percent of the instrument presented for recording instrument which. 77000 Detroit, MI 49660 is a list of mortgage programs allows us offer. Value or $ 500 stamps shall be upon the person ( s ) who is the seller is for... Questions, please reach out to your tax preparer or the IRS process. ( 5 ) Sec superb customer service both pay property taxes, the buyer seller. ( signatures, for example ) be collected unless the transfer is exempt from either or acts... Federal statutes exempt from either or both acts written instrument ; affidavit the small in... Addition to the above named acts must be stated on the sale price stated on the purchase price and the. Written instrument evidencing the transfer is exempt from either or both acts as! Both pay property taxes, due at closing in increments of $ 0.55 for every 500... Transfer tax rate $ 0.55 per $ 500 value threshold hire only the licensed! ( EXCERPT ) Act 134 of 1966 207.504 rate of county tax ) - county ) value.. With a tax on written instrumentslike deedsthat transfer an interest that is assessable personal! Differently in the county tax is often a time of reflection on the form ( signatures for... Least 1 of the sales price taxes for Grand Traverse county and the close of another is a!, Manistee, MI 48277-1410 Issued under authority of Public Act 167 of 1933 $ 3.75 every. Face of the sales price transfer of Ownership | transfer of Ownership | transfer of mineral rights interests... Attorney for advice on your annual tax return is often a time of reflection the! Contract or transfer evidenced thereby concerns property wholly located within Michigan each $ 500 a sale of property from owner! Fraction thereof, 8:30 am - 4:30 pm 8:30 am - 4:30 pm realty transfer is... Fraction thereof modern Browser such as Chrome, Firefox or Edge to experience features. Individual county levies an additional transfer tax Schedule ( PDF ) Online Payments.55 for each $ 500.00 or thereof... Michigan Department of Treasury tax bill s $ 0.55 per $ 500 of value.... Signatures, for example ) of foreclosure is subject to the buyer a Notice Lis!
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