The Michigan Department of Treasury website provides a transfer tax refund form for filing the request for refund, along with directions as to the required documentation for obtaining the refund. State of Michigan Tax Recovery Specialist Address 348 Waverly Rd, Suite 125 Holland, MI 49423 Phone 616-848-1656 Fax 616-953-8818 Email lisa@transfertaxsolutions.com . 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. The property ID number. County Recorder, Colleen Reyna When you transfer real estate, they charge a fee as a percentage of the sales price. PayNearMe is also available for 2022 tax payments. Washtenaw County Treasurer Video on Transfer Tax Exemptions 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. Re-access the interview and create a new document at no additional charge. If the value of the real estate transferred is $100 or more, payment of State and County transfer tax is required. 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. If the amount of the submitted check exceeds . You will have made $300,000 in capital gains, so you will need to pay capital gains tax on $50,000. Guest Speaking If you would like for us to come and speak to your classroom or organization to discuss the functions of our office, . Property Transfer Affidavit - 92284 bytes : 3278: L-4260a: Notice to Assessor of Transfer of the Right to Make a Division of Land - 90408 bytes : Conveyances affecting property situated in more than one county must state the portion of the sales price attributable to each parcel lying in the separate counties and transfer tax must be paid to each county for that portion of the sale price. Title Agency (Michigan Title Company) directly for assistance with your real estate transaction. Find Michigan Property Records. 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. Fillable Forms Disclaimer: Currently, there is no computation, validation, or verification of the information you enter, and you are still responsible for entering all required information. If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. After you donate your vehicle, we'll mail you a tax form to help with the process. Rate of County tax is $.55 for each $500.00 or fraction therof. Seller closing costs in Michigan The home seller typically pays the real estate transfer taxes. Michigan Department of Treasury 173 (Rev. [MCL 205.93(3); MSA 7.555(3)(3)]. The Best Place to Get a Home Loan! (Solved). Note: Online and telephone payments . was paid, the party who paid the tax (almost always the seller), can obtain a refund for a sale on or after June 24, 2011. A written instrument that this state is prohibited from taxing under the United States Constitution or federal statutes. Sold. To request a statement, call (248) 858-0611 or use the button below. Box 111 When you transfer real estate, they charge a fee as a percentage of the sales price. This exemption does not apply to a subsequent transfer of the foreclosed property by the entity that foreclosed on the mortgage. Michigan Treasury Online Business Services, Homeowner's Principal Residence Exemption. Join Clevers network. Copy and paste this code into your website. A transfer of real property will trigger excise tax if there is a change in beneficial ownership. The first column describes the exemption; the second column contains the Michigan citations that exempts the transfer from transfer tax at the state level; and the third column contains the Michigan citations that exempts the transfer from transfer tax at the state level. Calculating the Michigan Real Estate Transfer Tax State Transfer Tax Rate $3.75 for every $500 of value transferred. Sec. 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How to Transfer Real Estate with a Power of Attorney, Free Online Deed Forms and Why You Shouldnt Use Them, This deed is a written instrument in which the value given in exchange for the property is less than $100.00, This deed is a written instrument evidencing a contract or transfer that is not to be performed wholly within the State of Michigan only to the extent the written instrument includes land lying outside of Michigan, This deed is a written instrument that Michigan is prohibited from taxing under the United States constitution or federal statutes, This deed is a conveyance from a spouse or married couple creating or disjoining a tenancy by the entireties in the grantors or the grantor and his or her spouse, This deed is a conveyance from an individual to that individuals child, stepchild, or adopted child, This deed is a conveyance from an individual to that individuals grandchild, step-grandchild, or adopted grandchild, This deed is a written instrument used to straighten boundary lines and no monetary consideration was given, This deed is a written instrument to confirm title already vested in a grantee, including a quitclaim deed to correct a flaw in title, This deed is a written instrument evidencing the transfer of mineral rights and interests, This deed is a written instrument creating a joint tenancy between two or more persons and at least one of the persons already owns the property, This is a written instrument evidencing a lease, including an oil and gas lease, or a transfer of a leasehold interest, This is a written instrument evidencing an interest that is assessable as personal property, This is a written instrument evidencing the transfer of a right and interest for underground gas storage purposes, This is a judgment or order of a court of record making or ordering a transfer, unless a specific monetary consideration is specified or ordered by the court for the transfer, This is 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, This is a transfer made pursuant to a bona fide sales agreement made before April 1, 1994, and the sales agreement cannot be withdrawn or altered, or contains a fixed price not subject to change or modification, This deed is a written instrument conveying an interest in property for which an exemption is claimed under section 7cc of the general property tax act, 1893 PA 206, MCL 211.7cc, and the state equalized valuation of that property is equal to or lesser than the state equalized valuation on the date of purchase or on the date of acquisition by the seller or transferor for that same interest in property and the transaction was for a price at which a willing buyer and a willing seller would arrive through an arms-length negotiation, This deed is a written instrument given as security or an assignment or discharge of the security interest, This deed is a written instrument given in foreclosure or in lieu of foreclosure of a loan made, guaranteed, or insured by the United States, the State of Michigan, a political subdivision or municipality of the State of Michigan, or an officer of the United States or of State of Michigan, or a political subdivision or municipality of the State of Michigan, acting in his or her official capacity, This deed is a written instrument given to the United States, the State of Michigan, or one of their officers acting in an official capacity as grantee, pursuant to the terms or guarantee or insurance of a loan guaranteed or insured by the grantee, This deed is a written instrument transferring an interest in property pursuant to a foreclosure of a mortgage including a written instrument given in lieu of foreclosure of a mortgage (does not apply to a subsequent transfer of the foreclosed property by the entity that foreclosed on the mortgage), The deed is a written instrument in which the grantor is the United States, the State of Michigan, a political subdivision or municipality of the State of Michigan, or an officer of the United States or of the State of Michigan, or a political subdivision or municipality of the State of Michigan, acting in his or her official capacity, The deed is 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 and 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, The deed is a transfer between any limited liability company and its members and the ownership interests in the limited liability company are held by the same persons and in the same proportion as in the limited liability company prior to the transfer, The deed is a transfer between any partnership and its partners and 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, The deed is a transfer of a controlling interest in an entity with an interest in real property and the transfer of the real property would qualify for exemption if the transfer had been accomplished by deed to the real property between the persons that were parties to the transfer of the controlling interest, The deed is a transfer in connection with the reorganization of an entity and the beneficial ownership is not changed, The deed is a written instrument evidencing a contract or transfer of property to a person sufficiently related to the transferor to be considered a single employer with the transferor under section 414(b) or (c) of the Internal Revenue Code, The deed is a written instrument conveying an interest from a religious society in property exempt from the collection of taxes under section 7s of the general property tax act, 1893 PA 206, MCL 211.7s, to a religious society if that property continues to be exempt from the collection of taxes under section 7s of the general property tax act, 1893 PA 206, MCL 211.7s, State Transfer Tax Rate $3.75 for every $500 of value transferred, County Transfer Tax Rate $0.55 for every $500 of value transferred. A written instrument subject to the tax imposed by MCL 207.505 Section 5 and MCL 207.526 Section 6 shall state on its face the TOTAL CONSIDERATION of the real property. 2023 Riverbank Finance LLC, All rights reserved. MCL 207.525 (1). The real estate transfer tax includes two components: the state tax and the county tax. P.O. Complete the interview at no charge. If your home has appreciated significantly in value since you bought it, you may be required to pay capital gains tax. Richard A. Hodges Login. Find county board meetings. See more homes for sale in. The county tax rate is 55 cents for each $500 or fraction thereof. 20 Acres Off was last sold on Feb 23, 2023 for $32,000 (0% higher than the asking price of $32,000). 1091 Lake Michigan Dr NW is located in John Ball Park, Grand Rapids. What Is Michigans First-Time Home Buyer Savings Program? (j) A conveyance from an individual to that individual's child, stepchild or adopted child. The affidavit serves as proof of the rights and estate transfer from one party to another. We hire only the best licensed loan officers to serve our clients and take pride in our superb customer service. Filing is mandatory PayNearMe is also available for 2022 tax payments. A transfer tax is charged by a state or local government to complete a sale of property from one owner to another. 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. For instance, the SRETT on a house that sold for $300,000 would be $2,250. 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