The tax shall be upon the person who is the seller or the grantor. The following written instruments and transfers of property are exempt from the tax imposed by this act: (a) A written instrument in which the value of the consideration for the property is less than $100.00. The tax shall be upon the person who is the seller or the grantor. In addition to the state tax, each individual county levies an additional transfer tax of $0.55 per $500. If you are selling your house, there is a specific exemption that should be recited in the body of the deed in order to avoid paying the state transfer tax. 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. MCL 207.505 Sec. STATE REAL ESTATE TRANSFER TAX ACT (EXCERPT) Act 330 of 1993. Sec. Section 5 of Act No. The following written instruments and transfers of property are exempt from the tax imposed by this act: MCL 207.505 Sec 5 (County) MCL 207.526 Sec. Section 1. 6. The following instruments and transfers shall be exempt from this act: (a) Instruments where the value of the consideration is less than $100.00. The specific statute should be referenced because many of the exemptions have sunset dates and may be limited in applicability. Michigan Sales Tax in 1933. (This equates to approximately ¾ of 1% of the value of the property.) Sec. The tax is $3.75 for each $500.00 or fraction of $500.00 of the total value of the interests in real property being transferred. EXEMPTIONS – COUNTY REAL ESTATE TRANSFER TAX (EXCERPT) Act 134 of 1966 207.505 Exemptions. Sec. MCL 207.505 Sec. The following instruments and transfers shall be exempt from this act: (a) Instruments where the value of the consideration is less than $100.00. Michigan Legislature - Section 207.526. 6. If the document is transfer tax exempt, the exemption must be stated on the deed. 207.505 of the Compiled Laws of 1948, is amended as follows: 207.505 Real Estate Transfer Tax; exemptions(MSA 7.456 (5) Sec. MCL 207.525. ���*s������+�s� ~Ƨ��->W���������|�ؗ��������޼�Q-t2ͦB���X���!&8xN5����,��/g�R�Ȉ�;�C�`@���p? (See acts for details.) (see acts for details.) Houses (1 days ago) 207.526 Written instruments and transfers of property exempt from tax. STATE OF MICHIGAN – TRANSFER TAX EXEMPTIONS Reference: MCL 207.526, MSA 7.456(26) Real Estate Transfer Tax Sec. MCLA 207.505 Sec. The following instruments and transfers shall be exempt from this act: (a) Instruments where the value of the consideration is less than $100.00. 4 0 obj Otherwise, the transfer taxes must be paid at the county treasurer’s office and a documentary stamp must be affixed to the instrument indicating payment before it can be recorded. Michigan Department of Treasury 2766 (Rev. The following instruments and transfers shall be exempt from this act: (a) Instruments where the value of the consideration is less than $100.00. Act 134 of 1966. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. The tax is assessed on the fair market value of the property at the time of the transfer and transfer is imposed on the seller of the property. County Transfer Tax Exemptions. Please Note: When citing the exemption statue, please cite it in the following way: Exempt transfer under MCLA 207.505(insert exemption letter from below) MCLA 207.505 . Sec. Sec. 207.505 Exemptions. County Transfer Tax Exemptions . 415 of 1994. The following written instruments and transfers of property are exempt from the tax imposed by this act: (a) A written instrument in which the value of the consideration for the property is less than $100.00. The written instrument must clearly state the exemption being claimed on its face before recording. The following written instruments and transfers of property are exempt from the tax imposed by this act: (a) A written instrument in which the value of the consideration for the property is less than $100.00. 5) The following written instruments and transfers shall be exempt from this act: Instruments where the … Fortunately, Michigan law provides several exemptions to the definition of the term “transfer of ownership.” Just recently, the law was changed to clarify that transfers are exempt from uncapping if the transfers were made by what are commonly known as “Lady Bird Deeds” (b) Instruments evidencing contracts or transfers which are not to be performed wholly within this 6. According to this form, transfer tax refund can be applied for within 4 years and 15 days from the date of sale. The following written instruments and transfers of property are exempt from the tax imposed by … A conveyance from an individual to that individual’s grandchild, step-grandchild, or adopted grandchild. 6. Exemptions to County Real Estate Transfer Tax Act Number 134 of 1966, as Amended. 6 (State) A written instrument subject to the tax imposed by MCL 207.505 Sec. 207.526 Written instruments and transfers of property exempt from tax. Section 207.526 STATE REAL ESTATE TRANSFER TAX ACT (EXCERPT) Act 330 of 1993 207.526 Written instruments and transfers of property exempt from tax. In July 2015, the Michigan Supreme Court readjusted the Michigan Transfer Tax Act to allow more people to recoup taxes paid at the time of the sale of their home. The employee claims her total personal and dependent exemptions for state income tax withholding purposes on line 6 of her MI-W4 form. If you claim an exemption, your assessor may request more information to support your claim. Sec. stream Home » Register of Deeds » State Transfer Tax Exemptions. ... 234 W. Baraga Avenue Marquette, Michigan 49855 PH: (906) 225-8415 FAX: (906) 225-8420. Back to Michigan; Transfer Tax Exemptions. In case of an exchange of two properties, the deeds transferring title to each are subject to tax, and in each case, shall be computed on the basis of the actual value of the property conveyed. 5. The Michigan legislation states: Sec. 5. These combined represents the total tax obligation. The exemption matters – at 0.75%, state transfer tax on the sale of home for $200,000, for example, is $1,500. Board of Commissioners; Cities. school code of 1976, Act No. Michigan Legislature - Section 207.526. However, federal estate tax laws do apply to Michigan estates. If you believe this transfer is exempt, indicate below the type of exemption you are claiming. e�_�>85���q*���՝�|)@N+p��U����}#@�~u98D����� ... Marquette, Michigan 49855 PH: (906) 225-8415 FAX: (906) 225-8420. school code of 1976, Act No. Sec. <> %���� 2 0 obj 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. 327 of the Public Acts of 1968, being Sect. In 1993, the State of Michigan implemented the state real estate transfer tax. Michigan real estate transfer tax exemptions October 4, 2011 Article 2 min read. The employer submits a copy of the employee’s MI-W4 form to the Michigan Department of Treasury if she claims exemption from withholding or claims more than 10 exemptions. Sec. 6. 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