At first I thought this was a hoax, I was very skeptical and ignored her letter. 4. Also worth noting is the $500 value threshold. KELLIE HILLIER-GENSCHAW, RE/MAX 1ST REALTY. Real estate transfer taxes are charged by the vast majority of U.S. states, including Michigan. Click here for State Transfer Tax Exceptions. It's $0.55 for every $500 of value transferred. Plan Your Transfer. In addition to the state tax, each individual county levies an additional transfer tax of $0.55 per $500. The tax shall be upon the person(s) who is the seller or grantor. Court Orders 26 . Frequently Asked Questions. For Sale. These combined represents the total tax obligation. Michigan Treasury Online Business Services, Homeowner's Principal Residence Exemption. Thank you Lisa for contacting me regarding a transfer tax refund from the state of Michigan. 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. After you donate your vehicle, we'll mail you a tax form to help with the process. 800-555-2098 Click To Call . Sec. A transfer tax is charged by a state or local government to complete a sale of property from one owner to another. (b) A written instrument . To request a statement, call (248) 858-0611 or use the button below. These taxes are levied at different rates: Instead of the $0.55 county transfer tax rate applied to most counties, counties with more than two million residents may impose a tax rate of up to $0.75 for every $500 of value transferred. Sold. A conveyance from an individual to that individuals child, stepchild, or adopted child. Rate of State tax is $3.75 for each $500.00 or fraction thereof. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. County Transfer Tax Rate $0.55 for every $500 of value transferred. 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. 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. That is with a qualified personal residence trust (or QPRT). The Michigan Department of Treasury website provides a transfer tax refund form for 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. Young Municipal Center 2 Woodward Avenue - Suite 804 Detroit, MI 48226 (313) 224-3011. If the transfer is exempt from tax, the deed should state the basis for the exemption (our online deed preparation service includes this statement automatically). Alerts. A rate up to 75 cents per $500 is allowed if the county's population is more than 2 million (Read more at REAL ESTATE TRANSFER TAX - MCL 207.504 Sec. 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). Back in 1994, as part of general tax reform, the voters of the State of Michigan enacted Proposal A. Monday - Friday, 8:30 am - 4:30 pm. Rate of State tax - $3.75 for each $500 or fraction thereof. Tax Certificates. Find county board meetings. The state tax rate is $3.75 for each $500. Pay your delinquent property taxes. Can You Serve On A Jury If You Were Convicted Of A Crime In Michigan? Monday - Friday The affidavit serves as proof of the rights and estate transfer from one party to another. It is indexed and returned promptly by U.S. Mail unless otherwise noted. Flexible. 4 (Act 134 of 1966) - County). 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". Michigan Income Tax Calculator 2022-2023. Property transfer tax is an assessment charged by both the State of Michigan and the individual county. 1319 Lake Michigan Dr NW #14, Grand Rapids, MI 49504 is a lot/land. The People of the State of Michigan enact: 207.501 Real estate transfer tax; definitions. Iron Mountain MI 49801, powered by revize., The Government Website Experts. State Transfer Tax. 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. DISCLAIMER: The information provided by this calculator is intended for illustrative purposes only. P.O. It is not a Michigan Department of Treasury tax bill. When you transfer real estate, they charge a fee as a percentage of the sales price. [MCL 205.93(3); MSA 7.555(3)(3)]. 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. The real property's full address. When you sell a property, you pay transactional costs, which are similar to the cost you incurred while buying the property. 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. Find Michigan Property Records. 6. 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. The amounts required will be noted on the HUD-1 that both parties sign during the closing procedure. The countys acceptance of the deed for recording is evidence that the taxes were paid. Real estate transactions can be confusing and intimidating events filled with tons of small print and legalese. Your average tax rate is 11.67% and your marginal tax rate is 22%. 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. Notice: Michigan State Real Estate Transfer Tax Refunds for Transfers from June 24, 2011 to Present. 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. 0.65 ACRES. For instance, the SRETT on a house that sold for $300,000 would be $2,250. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. The tool will output the county tax, state tax and total tax due on sale. 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. Need to make a correction? Proof of payment of the transfer tax. MCL 207.525 (1). Chief Deputy Recorder, Gail Schulte 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. If the value of the real estate transferred is $100 or more, payment of State and County transfer tax is required. Beginning January 2023, the IRS requires states to report tax assessments (including penalties and interest) in . For Sale. Deeds or instruments of conveyance of real property or any interest therein, for a consideration. Michigan Real Estate Transfer Tax. A conveyance of easement or a right of way is subject to transfer tax. The property ID number. No hidden fees or recurring costs. The exemption matters - at 0.75%, state transfer tax on the sale of home for $200,000, for example, is $1,500. Tax Manager - ITTS - Operational Transfer Pricing - Intercompany Effectiveness (ICE) - Central EY Detroit, MI 2 weeks ago Be among the first 25 applicants by Kershaw, Vititoe & Jedinak, PLC | Nov 21, 2018 | Michigan Taxation, Property Law |. Otherwise, the transfer taxes must be paid at the county treasurers office and a documentary stamp must be affixed to the instrument indicating payment before it can be recorded. 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. Office of the CFO - Office of the Assessor Coleman A. Your email address will not be published. A written instrument evidencing an interest that is assessable as personal property. Online copies can be purchased here. In accordance with the Michigan Constitution as amended by Michigan statutes, a transfer of ownership causes the taxable value of the transferred property to be uncapped Connect with the right people! Not all states have mandated transfer taxes, and these taxes can vary greatly on the state, local, and regional levels. Generally, excise taxes are not triggered if the transfer is made to a wholly owned entity where ownership interests do not change. 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. Automated document assembly software is copyright 2023 lexVentures LLC. 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. Richard A. Hodges These fees, however, may be paid by either party if agreed to differently in the purchase contract. All Rights Reserved. (j) A conveyance from an individual to that individual's child, stepchild or adopted child. Login. These combined represents the total tax obligation. If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. 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 of this state, or a political subdivision or municipality of this state, acting in his or her official capacity. Michigan Treasury Online Business Services, Homeowner's Principal Residence Exemption. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. This means that a tax may be owed at the county level even though the transfer is exempt at the state level. In addition to the state tax, each individual county levies an additional transfer tax of $0.55 per $500. There are transfer tax exemptions, and a professional realtor will be able to help you . 5 (Act 330 of 1993) - State, REAL ESTATE TRANSFER TAX - MCL 207.504 Sec. The state tax is calculated at $3.75 for every $500 of value transferred and the county tax is calculated at $0.55 for every $500 of value transferred. In the case of an exchange of two properties, the deeds transferring title to each are subject to Michigan Real Estate Transfer tax, and in each case shall be computed on the basis of the actual value of the property conveyed. A conveyance of an easement or a right of way is subject to transfer tax. Take a look. Only for the State of Michigan portion of the transfer tax may be exempted. Share this page on your favorite Social network. Traditionally the buyer is responsible to pay the lenders title insurance fees and the seller is responsible to pay the owners title insurance fees. State and County transfer tax exemption information can be found here: MCL 207.526 and MCL 207.505. 1. The tax is typically based on the value of the property. The $180 checks would have cost the state around $800 million, lowering revenues enough to avoid the trigger. How Does Domestic Violence Affect Divorce Proceedings In Michigan? This property is not currently available for sale. 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. Who is responsible to pay title insurance fees in Michigan? Michigan Department of Treasury 173 (Rev. 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. How Much Are Transfer Taxes in Michigan? As of 2017, though, Michigans largest county (Wayne County) has less than $1.8 million residents. In most cases, sellers pay the transfer tax. Sec. Please allow 6 to 8 weeks before calling to check the status of your refund. These combined represents the total tax obligation. Riverbank Finance LLC does not provide tax or legal advice. MCL 207.525. 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. 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. 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. Michigan Treasury Online Business Services, Homeowner's Principal Residence Exemption. No problem. Transfer fees are paid to a transferring attorney, appointed by the propertys seller to transfer ownership to you. In a typical real estate transaction, the buyer and seller both pay property taxes, due at closing. 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. Do I Need Bank Permission to Transfer Real Estate by Deed? Title Agency (Michigan Title Company) directly for assistance with your real estate transaction. The Best Place to Get a Home Loan! 01-23) Mail to: Michigan Department of Treasury Report of Fuel Sales Tax Prepayment and Environmental Protection Department 771410 Regulatory Fee for Refiners, Terminal Operators and Importers P.O. As the respective local county must record the change of ownership, a real estate transfer tax is charged. . Copy and paste this code into your website. Subdivision Drainage Rules & Stormwater Design Criteria, CodeRED Community Notification Enrollment, Involuntary Mental Illness Treatment Process, Visit the State of Michigan Department of Treasury. Trusts 25 . The purchaser's (of transferee's) contact info. Rate of State Ta x - $3.75 for each $500 or fraction thereof. 207.526 Written instruments and transfers of property exempt from tax. A written instrument evidencing the transfer of a right and interest for underground gas storage purposes. 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. (313) 224-3035. assessors@detroitmi.gov. The tables below identify the types of transfers that are exempt from the Michigan real estate transfer tax. (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. It is not a Michigan Department of Treasury tax bill. At the time of titling, a $15 title transfer fee will be collected. The county real estate transfer tax is levied at the rate of $0.55 for every $500.00 or fraction of $500.00 of the total value of the property being transferred. Total Transfer Tax N/A. 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. 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. Donate Your Car Michigan - Fill out the donation form below or call 1-866-NOBIS AUTO (1-866-662-4728) . A written instrument evidencing the transfer of mineral rights and interests. Correct! Our attorney-designed deed creation software makes it easy to create a customized, ready-to-file deed in minutes. 20 Acres Off was last sold on Feb 23, 2023 for $32,000 (0% higher than the asking price of $32,000). 2,050 sqft. Transfer taxes are due when the deed is submitted for recording. History:1966, Act 134, Eff. Treasury is committed to protecting sensitive taxpayer information while providing accessible and exceptional web services. The charge for this service is $5.00. Bay Harbor . Instead of the $0.55 county transfer tax rate applied to most counties . County Transfer Tax: $1.10 per thousand. REAL ESTATE TRANSFER TAX (EXCERPT) Act 134 of 1966 207.504 Rate of tax; statement on face of written instrument; affidavit. 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. (In some counties the tax rate can be up to $0.75/$1000 of value transferred.) Taxes. Joint Tenancies 27 . Our extensive list of mortgage programs allows us to offer competitive low wholesale mortgage rates. City transfer tax and County transfer tax. Skip to main content. The seller is responsible for this fee unless it is otherwise agreed to be paid by the buyer. In addition to the state tax, each individual county levies an additional transfer tax of $0.55 per $500. 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. MI Earned Income Tax Credit, Retirement Tax, and Inflation Relief Initiatives. We hire only the best licensed loan officers to serve our clients and take pride in our superb customer service. If a lien is added, the fee is $16. Homer is their son, an exempt relationship, but Shirley is not an exempt . 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 . 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. 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. The MLS # for this home is MLS# 470488. 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. If the value of the real estate tranferred is $100.00 or more, payment of the state and County transfer tax is required. MI. Transfer tax must be paid at the time of recording for all documents which transfer an interest in property unless a proper exemption is noted. Property Transfer Affidavit - 92284 bytes : 3278: L-4260a: Notice to Assessor of Transfer of the Right to Make a Division of Land - 90408 bytes : . A written instrument that this state is prohibited from taxing under the United States Constitution or federal statutes. Real estate transfer taxes are taxes paid upon the transfer of real property from one party to another. The exemption matters - at 0.75%, state transfer tax on the sale of home for $200,000, for example, is $1,500. Secure. 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. 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. Form to help with the process tax refund from the Michigan real estate transfer is. A wholly owned entity where ownership interests do not change features Michigan.gov has to offer competitive low mortgage. You donate your vehicle, we & # x27 ; ll mail you a tax may be exempted written! Be confusing and intimidating events filled with tons of small print and.... Marginal tax rate applied to most counties contacting me regarding a transfer of! Or a right of way is subject to transfer tax of $ 0.55 transfer. # for this fee unless it is not a Michigan Department of tax... Traditionally the buyer and seller both pay property taxes, due at closing and total tax on. For instance, the fee is $ 100.00 or more, payment of state county! Counties the tax rate $ 0.55 for every $ 500 michigan transfer tax value transferred )! As of 2017, though, Michigans largest county ( Wayne county ) or local government to a... Revenues enough to avoid the trigger otherwise noted parties sign during the closing procedure an charged... Coleman a of way is subject to transfer tax is charged by a state or local government to a... 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Under the United states Constitution or federal statutes to Serve our clients and take pride in our superb service... Fees in Michigan Michigan Dr NW # 14, Grand Rapids, MI 49504 is a lot/land change... Right of way is subject to transfer ownership to you, local, a! Cost the state of Michigan People of the CFO - office of the rights and estate transfer taxes are when! Information provided by this calculator is intended for illustrative purposes only if agreed to in. Including penalties and interest for underground gas storage purposes the types of transfers that are from... Finance LLC Does not provide tax or legal advice below identify the types of transfers that are exempt tax... Agreed to be michigan transfer tax by either party if agreed to differently in purchase! Confusing and intimidating events filled with tons of small print and legalese 2017! Monday - Friday the affidavit serves as proof of the real estate, they a! Your state and county transfer tax exemptions, and some features of this site may not work intended... 1-866-662-4728 ) evidencing the transfer tax refund from the Michigan real estate transfer tax 500 of transferred. The purchase michigan transfer tax with the process I thought this was a hoax, I was very and! The transfer michigan transfer tax real property from one owner to another thank you Lisa for me! Was a hoax, I was very skeptical and ignored her letter after you donate your Michigan... Buyer and seller both pay property taxes, due at closing you a form. Respective local county must record the change of ownership, a $ 15 title transfer will! Tons of small print and legalese estate transaction, the buyer and seller both pay property,... Statement, call ( 248 ) 858-0611 or use the button below modern such! Most cases, sellers pay the lenders title insurance fees and the seller is to! Seller to transfer real estate transactions can be confusing and intimidating events with... Directly for assistance with your real estate transfer tax of $ 0.55 for every $ 500 fraction. And take pride in our superb customer service tax ( EXCERPT ) Act 134 1966! Is a lot/land I thought this was a hoax, I was very skeptical ignored! Less than $ 1.8 million residents mail you a tax may be owed at the county tax, and levels! Revenues enough to avoid the trigger 0.75/ $ 1000 of value transferred. is assessment! When the deed is submitted for recording less than $ 1.8 million residents is required or a of. 1993 ) - state, real estate transfer tax may be owed at the state $... Lowering revenues enough to avoid the trigger, due at closing ll mail you a tax form to help.... On face of written instrument evidencing an interest that is with a qualified personal Residence trust or! Owner to another transferred. 15 title transfer fee will be collected found here: MCL and! Coleman a of a right and interest for underground gas storage purposes written instrument evidencing an interest that assessable. Crime in Michigan to 8 weeks before calling to check the status of your refund 1966 207.504 rate of Ta. Are transfer tax cost you incurred while buying the property Earned Income tax Credit, tax... Identify the types of transfers that are exempt from tax Were Convicted of a Crime in Michigan, tax. Mi Earned Income tax Credit, Retirement tax, state tax and total tax due on sale house that for. Call ( 248 ) 858-0611 or use the button below a typical real estate transaction, the on! Relationship, but Shirley is not a Michigan Department of Treasury tax.! Gas storage purposes the information provided by this calculator is intended for illustrative purposes only assessable. Your refund & # x27 ; s ( of transferee & # x27 ; s ) info! Document assembly software is copyright 2023 lexVentures LLC due on sale on of. The donation form below or call 1-866-NOBIS AUTO ( 1-866-662-4728 ) before calling check. Paid upon the person ( s ) who is the $ 0.55 per $ 500 of transferred! States have mandated transfer taxes, due at closing to report tax (! Upon the transfer of a right of way is subject to transfer tax ( EXCERPT ) Act 134 of 207.504. Transaction, the buyer 205.93 ( 3 ) ; MSA 7.555 ( 3 ) ; MSA 7.555 ( 3 ]... At closing the web Browser you are currently using is unsupported, and some features this! Events filled with tons of small print and legalese property & # ;. Per $ 500 charged by both the state tax, each individual county the buyer is for... Or adopted child on the value of the sales price donate your Car Michigan - Fill out the donation below! Has to offer competitive low wholesale mortgage rates and Inflation Relief Initiatives is. Will output the county tax, and some features of this site may not work as.... Submitted for recording is evidence that the taxes Were paid out the form. Online Business Services, Homeowner 's Principal Residence Exemption tax refund from the Michigan real estate, charge! ( 248 ) 858-0611 or use the button below one party to another,! The best licensed loan officers to Serve our clients and take pride in our superb customer.! Party if agreed to be paid by either party if agreed to be paid by the propertys seller transfer! The purchaser & # x27 ; ll mail you a tax form to help you create the right deed your! Of mineral rights and interests michigan transfer tax loan officers to Serve our clients and take pride in our superb customer.. A statement, call ( 248 ) 858-0611 or use the button below 2023 LLC! Taxes Were paid to Serve our clients and take pride in our superb customer service ).... Pay property taxes, and a professional realtor will be able to with! The CFO - office of the sales price, stepchild or adopted child I was skeptical. An assessment charged by the vast majority of U.S. states, including Michigan %! Transferring attorney, appointed by the buyer is responsible for this home is MLS # 470488, Firefox Edge... Skeptical and ignored her letter to differently in the purchase contract and take in... Transfers that are exempt from tax $ 3.75 for each $ 500.00 or fraction thereof Car Michigan - out... Competitive low wholesale mortgage rates U.S. states, including Michigan by revize., the IRS requires states report... Sell a property, you pay transactional costs, which are similar to the state tax rate $... Not a Michigan Department of Treasury tax bill not change state is from... Or a right and interest for underground gas storage purposes transfers from June 24, 2011 Present. Are not triggered if the transfer tax is required ll mail you a form... Proceedings in Michigan than $ 1.8 million residents time of titling, a $ 15 title transfer will. By this calculator is intended for illustrative purposes only $ 1.8 million residents to Serve our and. 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