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 STATE REAL ESTATE TRANSFER

LEGAL CITATION:
M.C.L. 207.521 et seq.; 1993 PA 330.
YEAR ADOPTED: 1993
BASIS OF TAX: Privilege of transferring interests in real property.
MEASURE OF TAX (BASE):

Fair market value of written instrument by which property is transferred.

Exemptions: written instruments involving the following:

  1. transfers of less than $100;
  2. transfers of land outside Michigan;
  3. transfers which the state is prohibited by federal law from taxing;
  4. security or an assignment or discharge of a security interest;
  5. transfers evidencing a leasehold interest;
  6. personal property;
  7. transfers of interests for underground gas storage purposes;
  8. transfers where a governmental unit is the grantor;
  9. transfers involving foreclosure by a governmental unit;
  10. certain interspousal transfers;
  11. transfers ordered by a court if no consideration is ordered;
  12. transfers to straighten boundary lines if no consideration is paid;
  13. transfers to correct a title flaw;
  14. land contracts in which title does not pass until full consideration is paid;
  15. transfers of mineral rights;
  16. creation of joint tenancies if at least one joint tenant already owned the property;
  17. sales agreements entered into before enactment of the tax;
  18. transfers to persons considered to be "single employers" under the internal revenue code;
  19. transfers to a bankruptcy trustee, receiver, or administrator;
  20. transfers between religious societies of property exempt from property taxes;
  21. transfers from one religious institution to another religious institution.
RATE: $3.75 per $500 (0.75%) or fraction thereof of total value.
ADMINISTRATION: Collection: County treasurer. Supervision: Michigan Department of Treasury, Bureau of Revenue.
REPORT AND PAYMENT: Due by 15th of each month.
DISPOSITION: School Aid Fund.
2004-05 COLLECTIONS: $320,223,000
State Real Estate Transfer Tax Law Changes

 

 

 

 

 

 

Last Updated January 10, 2007