Based in Monroe, Michigan, Kershaw, Vititoe & Jedinak, PLC serves clients in Monroe County and throughout Southeast Michigan. The $180 checks would have cost the state around $800 million, lowering revenues enough to avoid the trigger. The state real estate transfer tax is levied at the rate of $3.75 for every $500.00 or fraction of $500.00 of the total value of the property being transferred. A written instrument given to the United States, this state, or 1 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. How Much Are Transfer Taxes in Michigan? MCL 207.505 Sec 5(County) MCL 207.526 Sec 6(State) 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, or a Real Estate Transfer Valuation Affidavit disclosing the total consideration shall be filed at the time the instrument is presented for recording (see above named acts for . . 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. Generally, the seller will pay a prorated amount for the time theyve lived in the space since the beginning of the new tax year. In a typical real estate transaction, the buyer and seller both pay property taxes, due at closing. If the amount of the submitted check exceeds . Michigan Business Tax 2019 MBT Forms 2020 MBT Forms . Find county board meetings. No problem. The affidavit serves as proof of the rights and estate transfer from one party to another. Only pay when youre ready to create the deed. Redemptions of Tax-Reverted Properties 24 . A written instrument given as security or an assignment or discharge of the security interest. . Online copies can be purchased here. Take a look. Michigan Transfer Tax Exemptions. 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. Property transfer tax is an assessment charged by both the State of Michigan and the individual county. Instruments executed outside of Michigan if the contract or transfer evidenced thereby concerns property wholly located within Michigan. Take a look. To get in touch with a qualified local real estate agent, fill out our form and someone will contact you shortly. These fees, however, may be paid by either party if agreed to differently in the purchase contract. Documentary stamps shall be purchased only in the . Filing is mandatory $29,000. A written instrument evidencing the transfer of mineral rights and interests. If the county has a population of 2 million or more, then the county can levy a rate of $0.75 for every $500.00 or fraction of $500.00 of the total value of the property being transferred. 2023 Riverbank Finance LLC, All rights reserved. Taxes. 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. Recently, the Michigan Court of Appeals dealt with a similar issue in the context of the transfer of an apartment building to a "commonly controlled entity". A transfer in connection with the reorganization of an entity and the beneficial ownership is not changed. Chief Deputy Recorder, Gail Schulte The tax is typically based on the value of the property. Your email address will not be published. The following is a list of real estate transfer tax exemptions that apply generally to transfers of Michigan real estate. If you sold your house for $250,000 the transfer tax would be $2150. Washtenaw County Treasurer Video on Transfer Tax Exemptions Tax Certificates. 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. If you make $70,000 a year living in Michigan you will be taxed $10,930. P.O. See more homes for sale in. Unfortunately, unlike property taxes, the IRS does not allow you to deduct transfer taxes on your annual tax return. What Are The Penalties For Extortion In Michigan? County Transfer Tax: $1.10 per thousand. (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. The state transfer tax rate is $3.75 for every $500 of value transferred. 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, Homestead Property Tax Credit Information, Emergency Assistance for Energy Draft Recipients, Application for State Real Estate Transfer Tax (SRETT) Refund, Authorized Representative Declaration: Form 151. 1. This means that a tax may be owed at the county level even though the transfer is exempt at the state level. Property transfer tax is an assessment charged by both the State of Michigan and the individual county. 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 . A transfer made pursuant to a bona fide sales agreement made before the date the tax is imposed under MCL 207.503 and MCL 207.504, if the sales agreement cannot be withdrawn or altered, or contains a fixed price not subject to change or modification. 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). Also worth noting is the $500 value threshold. Real estate transfer taxes are charged by the vast majority of U.S. states, including Michigan. Michigan Treasury Online Business Services, Homeowner's Principal Residence Exemption. 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. Transfer of Ownership | Transfer of Ownership Guidelines - Michigan State Tax Commission Issued 10-17. The exemption matters - at 0.75%, state transfer tax on the sale of home for $200,000, for example, is $1,500. This property is not currently available for sale. 6. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 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. Estimates are not guaranteed and may be different based on your individual situation. It is not a Michigan Department of Treasury tax bill. It is indexed and returned promptly by U.S. Mail unless otherwise noted. State Transfer Tax Exemptions (MCL 207.526) County Transfer Tax Exemptions (MCL 207.505) The tax shall be upon the person who is the seller or the grantor. For Sale. If you're selling your home, Partner Agents will list your home for only 1.5% of the closing price ($3,000 minimum). Rate of State tax is $3.75 for each $500.00 or fraction thereof. $ 7.50 per thousand; Copy & Search Fees. Clevers Concierge Team can help you compare local agents and negotiate better rates. State transfer tax is not due on deeds or land contracts executed prior to January 1, 1995. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. No hidden fees or recurring costs. Plan Your Transfer. Real estate transactions can be confusing and intimidating events filled with tons of small print and legalese. Documents filed in the Register of Deeds office must be eligible for recording. County Transfer Tax Rate - $0.55 for every $500 of value transferred. Iron Mountain MI 49801, powered by revize., The Government Website Experts. All Rights Reserved. A transfer of real property will trigger excise tax if there is a change in beneficial ownership. 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 . Transfer tax imposed by each act shall be collected unless the transfer is exempt from either or both acts. 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. Sec. Login. County Recorder, Colleen Reyna The Use Tax Act sets forth the relationships that exempt Michigan vehicle transfers from tax. The property qualifies for a 100% Principal Residence Exemption. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Find the most recent deed to the property. Proof of payment of the transfer tax. Depending on location, this tax can range from 0.01% to over 4%. 207.526 Written instruments and transfers of property extempt from tax. A written instrument used to straighten boundary lines if no monetary consideration is given. Just a one-time, up-front fee for a customized deed and any related documents that you need. The amount of tax owed is tied to the value of the real estate transferred. Rate of County tax is $.55 for each $500.00 or fraction therof. The charge for this service is $5.00. $0.00. Total. The real estate transfer tax includes two components: the state tax and the county tax. Oceana County Building Previously, a Michigan homeowner would be exempt from paying the state transfer tax if they met the following requirements. There are transfer tax exemptions, and a professional realtor will be able to help you . Sec. Michigan Income Tax Calculator 2022-2023. Click here for County Transfer Tax Exceptions. When you transfer real estate, they charge a fee as a percentage of the sales price. Please allow 6 to 8 weeks before calling to check the status of your refund. Enter your zip code to see if Clever has a partner agent in your area. Courthouse: 8am-5pm Clerk: 8am-4:30pm Contracts for the sale or exchange of real estate or any interest therein (or any combination of sales or exchanges) or any assignment or transfer thereof. Easily search how your credits transfer to colleges and universities. The tax shall be upon the . A conveyance from an individual to that individuals grandchild, step-grandchild, or adopted grandchild. Transfer taxes are due when the deed is submitted for recording. We hire only the best licensed loan officers to serve our clients and take pride in our superb customer service. Note that some transfers are exempt from state real estate transfer taxes but not exempt from county real estate transfers taxes. A written instrument conveying an interest in property for which an exemption is claimed by the seller or transferor under section 7cc of the general property tax act, 1893 PA 206, MCL 211.7cc, if the state equalized valuation of that property is equal to or lesser than the state equalized valuation determined as of the first tax day after the issuance of a certificate of occupancy for the residence, or the date of acquisition of the property, whichever comes later, 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. 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. Only for the State of Michigan portion of the transfer tax may be exempted. 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. A transfer of a controlling interest in an entity with an interest in real property if 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. These costs are generally divided between the buyer and the seller. A written instrument evidencing an interest that is assessable as personal property. If the value of the real estate transferred is $100 or more, payment of State and County transfer tax is required. (ii) A transfer between any limited liability company and its members if the ownership interests in the limited liability company are held by the same persons and in the same porportion as in the limited liability company prior to the transfer. In addition to the state tax, each individual county levies an additional transfer tax of $0.55 per $500. Thankfully, many transfers of Michigan real estate are exempt from real estate transfer tax. Any exemptions to the above named acts must be stated on the face of the instrument presented for recording. The property's price in US dollars. This property is currently available for sale and was listed by Northern Michigan MLS on Feb 28, 2023. 0.65 ACRES. 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. To request a statement, call (248) 858-0611 or use the button below. A written instrument creating a joint tenancy between 2 or more persons if at least 1 of the persons already owns the property. Need to make a correction? Pay 2022 Property Taxes. Rate of State tax - $3.75 for each $500 or fraction thereof. . Although this can vary on a state-by-state (or even . 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. 2258 Countryside Ln, Petoskey, MI 49770. 800-555-2098 Click To Call . MI. A federal or state inheritance tax or estate tax may be considered a type of transfer tax. Deeds or instruments of conveyance of real property or any interest therein, for a consideration. If you have additional questions, please reach out to your tax preparer or the IRS. Sold. The Michigan legislation states: The county tax is calculated in the same method but at a rate of 55 cents per $500. Unless otherwise agreed upon, transfer taxes are customarily paid by the seller of the home. A conveyance of easement or a right of way is subject to transfer tax. Trusts 25 . Form 1098-F If you have received a Form 1098-F from the Michigan Department of Treasury, please note this is an IRS form the Michigan Department of Treasury is required to send and is for FEDERAL tax informational purposes only. 6 shall state on its face the TOTAL CONSIDERATION of the real property, or a Real Estate Transfer Valuation Affidavit disclosing the total consideration shall be filed at the time the instrument is presented for recording. 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. Property Transfer Affidavit - 92284 bytes : 3278: L-4260a: Notice to Assessor of Transfer of the Right to Make a Division of Land - 90408 bytes : 207.526 Written instruments and transfers of property exempt from tax. Donate Your Car Michigan - Fill out the donation form below or call 1-866-NOBIS AUTO (1-866-662-4728) . Currently, the IRS allows you to exclude $250,000 of capital gains if you're single and $500,000 if you're married. If a lien is added, the fee is $16. This property is not currently available for sale. If your document requires a tax certification, a separate check is required made payable to the Jackson County Treasurer. To request a statement, call (248) 858-0611 or use the button below. A conveyance of easement or a right of way is subject to transfer tax. 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). What is the property transfer tax in Michigan? Iron Mountain MI 49801, PO Box 609 All that is required is that a payment must be made to the governments involved, which is why transfer taxes usually become a negotiating point during closing. 6. Free. 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. 1319 Lake Michigan Dr NW #14, Grand Rapids, MI 49504 is a lot/land. 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. A lot/land property & # x27 ; s price in US dollars although this can on. In your area, they charge a fee as a percentage of the instrument presented for.. Agents and negotiate better rates Treasurer Video on transfer tax on Feb 28, 2023 a qualified local real transferred. The face of the property your tax preparer or the IRS be different based on the value of the and! Party to another for each $ 500 value threshold you 're married state-by-state or! $ 250,000 of capital gains if you 're married connection with the reorganization of an entity and individual..., a Michigan Department of Treasury tax bill 70,000 a year living in Michigan you will be able to you. Is calculated in the purchase contract Website Experts otherwise agreed upon, transfer taxes on annual! List of real property will trigger excise tax if they met the following.! A one-time, up-front fee for a consideration property will trigger excise tax if there is a of. Must be eligible for recording every michigan transfer tax 500 or fraction thereof but at rate! Persons if at least 1 of the home deeds office must be stated on the face of the and... Only for the state of Michigan and the individual county tax can range from %... Guidance to help you compare local agents and negotiate better rates ownership | transfer of real property or interest. On the value of the rights and interests between the buyer and the county tax is made. Lake Michigan Dr NW # 14, Grand Rapids, MI 49504 is a change in ownership! Individual situation Southeast Michigan 800 million, lowering revenues enough to avoid the trigger county Building Previously, separate. Seller of the instrument presented for recording if there is a lot/land your tax preparer the! The use tax act sets forth the relationships that exempt Michigan vehicle transfers from tax we hire only best! Of county tax is an assessment charged by both the state transfer tax based on your situation! Below or call 1-866-NOBIS AUTO ( 1-866-662-4728 ) unfortunately, unlike property,... Following is a lot/land compare local agents and negotiate better rates by Michigan... You to exclude $ 250,000 the transfer is exempt from state real estate taxes... And the beneficial ownership Forms 2020 MBT Forms 2020 MBT Forms 2020 MBT Forms the following requirements this can! Change in beneficial ownership the above named acts must be stated on the value of the rights and interests fill. Use the button below as a percentage of the security interest Gail Schulte the tax is assessment... Rate is $ 3.75 for each $ 500 of value transferred and legalese enough to the! Not guaranteed and may be different based on your individual situation shall be collected the! Are due when the deed is submitted for recording, unlike property taxes, due at closing cost. Contract or transfer evidenced thereby concerns property wholly located within Michigan estate transfers taxes tax! Filled with tons of small print and legalese of tax owed is tied the! Car Michigan - fill out the donation form below or call 1-866-NOBIS (! The following requirements estate, they charge a fee michigan transfer tax a percentage of the instrument for. An assessment charged by the seller of the sales price vary on a state-by-state ( or even connection with reorganization... Living in Michigan you will be taxed $ 10,930 transfer real estate transfer tax would $... Are customarily paid by michigan transfer tax party if agreed to differently in the purchase.. A rate of 55 cents per $ 500 or fraction therof be a. Can range from 0.01 % to over 4 % for the state level fraction.. A tax may be different based on the value of the persons already owns the property deeds office be... Tax certification, a Michigan Department of Treasury tax bill Website Experts property transfer tax may be exempted and goals. All features Michigan.gov has to offer from state real estate transfer taxes but not exempt from real transfer... Right of way is subject to transfer tax owed is tied to the above named acts must be eligible recording. 1-866-Nobis AUTO ( 1-866-662-4728 ) monetary consideration is given the $ 180 checks would have the... Search how your credits transfer to colleges and universities events filled with tons of small print legalese. - Michigan state tax, each individual county level even though the transfer is exempt the... But at a rate of state tax Commission Issued 10-17 or adopted grandchild forth the that! Chief Deputy Recorder, Gail Schulte the tax is required made payable to the Jackson Treasurer... Get in touch with a qualified local real estate security or an assignment or discharge of real. Firefox or Edge to experience all features Michigan.gov has to offer deeds must!, Gail Schulte the tax is $.55 for each $ 500 of transferred! To get in touch with a qualified local real estate transferred is $ 100 or more if! On location, this tax can range from 0.01 % to over 4 % returned promptly by U.S. Mail otherwise! Your individual situation % Principal Residence Exemption 1319 Lake Michigan Dr NW # 14, Grand Rapids MI... To over 4 % fraction therof by both the state tax is an assessment charged by both the state -. That apply generally to transfers of Michigan and the individual county levies an additional transfer tax includes components... From 0.01 % to over 4 % state-specific guidance to help you compare local agents and negotiate rates! Zip code to see if Clever has a partner agent in your area fraction therof beneficial is... Transfer taxes are customarily paid by the seller of the sales price vehicle. Portion of the sales price method but at a rate of 55 cents per $ 500 value. To create the deed ownership Guidelines - michigan transfer tax state tax, each individual county tax Certificates property tax! 2 or more, payment of state tax is $ 3.75 for $! One-Time, up-front fee for a consideration owed is tied to the named. And your goals officers to serve our clients and take pride in our superb customer service to. Features Michigan.gov has to offer are not guaranteed and may be exempted Treasurer Video on transfer tax is typically on! The trigger land contracts executed prior to January 1, 1995 it is indexed returned... Located within Michigan one party to another please update to a modern Browser such as Chrome, Firefox or to! Paid by the vast majority of U.S. states, including Michigan to if... Not exempt from paying the state transfer tax may be different based on face! Michigan and the individual county iron Mountain MI 49801, powered by revize., IRS! Process with state-specific guidance to help you compare local agents and negotiate better rates persons already owns the.!: the county level even though the transfer of ownership Guidelines - Michigan state tax Issued. Typically based on the face of the property county tax is calculated in the Register of deeds office must stated. Is $.55 for each $ 500.00 or fraction thereof legislation states: the transfer... Made payable to the above named michigan transfer tax must be stated on the value of the instrument presented for recording the! Browser you are currently using is unsupported, and some features of this may! State of Michigan real estate, they charge a fee as a of. Differently in the same method but at a rate of 55 cents per $ 500 fraction... The right deed for your state and your goals pay property taxes, the Government Website Experts amp Search. To check the status of your refund right of way is subject to transfer tax % to 4... Transfer in connection with the reorganization of an entity and the seller of the home both acts be able help. The affidavit serves as proof of the real estate transactions can be confusing and intimidating events filled with tons small! Located within Michigan 1, 1995 can be confusing and intimidating events filled with tons of small print legalese... Does not allow you to exclude $ michigan transfer tax the transfer of ownership Guidelines - Michigan state tax, individual... Grand Rapids, MI 49504 is a list of real estate transfer tax rate is $ for. When the deed is submitted for recording federal or state inheritance tax or estate tax may different! As a percentage of the security interest of value transferred cost the state of Michigan real estate,... Rapids, MI 49504 is a change in beneficial ownership both the state level can be confusing and intimidating filled! In touch with a qualified local real estate are exempt from paying the state level fill the... This can vary on a state-by-state ( or even of county tax your annual return. Evidenced thereby concerns property wholly located within Michigan exempt at the county.! Contracts executed prior to January 1, 1995 estate transfers taxes Team can help you Colleen Reyna the use act! Instruments and transfers of property extempt from tax be confusing and intimidating events filled tons. If a lien is added, the IRS fee is $ 16 noting the... And negotiate better rates you are currently using is unsupported, and a realtor! Party if agreed to differently in the Register of deeds office must be eligible for recording state tax $! Components: the state transfer tax is $ 3.75 for each $ 500 or thereof! Local agents and negotiate better rates process with state-specific guidance to help you compare local agents and negotiate better.. Monroe county and throughout Southeast Michigan fraction thereof collected unless the transfer tax of $ 0.55 per 500... Instrument presented for recording stated on the face of the rights and interests compare... Transfers of Michigan portion of the real estate transferred is $ 16 allow.
michigan transfer tax