| COUNTY REAL ESTATE TRANSFER |
LEGAL CITATION: |
M.C.L. 207.501 et seq.; 1966 PA 134. |
|
| YEAR ADOPTED: |
1966 |
|
| BASIS OF TAX: |
Privilege of transferring any interest in real property. |
|
| MEASURE OF TAX (BASE): |
Fair market value of written instrument. Numerous exemptions including transfers of less than $100, instruments where a government is seller or grantor, certain conveyances between spouses, transfers of mineral rights. |
|
| RATE: |
55 cents per $500 (0.11%) or fraction thereof of total value. Wayne County is statutorily authorized to impose a rate of 75 cents per $500 (0.15%), but voter approval is required. It currently levies the tax at a rate of 0.11%. |
|
| ADMINISTRATION: |
Supervision: Department of Treasury. Collection: Treasurer of county in which transfer occurs. |
|
| REPORT AND PAYMENT: |
Due when transaction is recorded. |
|
| DISPOSITION: |
General fund of county in which tax is collected. |
