Michigan transfer tax refund

How much is the real estate transfer tax in Michigan? Who pays the transfer tax in Michigan? Notice Regarding Document Required for SRETT Refunds Under Exemption U. What states have a transfer tax?

Most of the transfer tax you paid went to the State of Michigan.

The rest went to the county. You start the refund process by completing a standard form and sending it to the Michigan Department of Treasury. You’ll need to attach a copy of your Settlement Statement (HUD-1), and a copy of the recorded deed.

The exemption matters – at 0. The Michigan Department of Treasury website provides a transfer tax refund form for filing the request for refund , along with directions as to the required documentation for obtaining the refund. Michigan law also provides for a refund mechanism, available to sellers having paid the tax in error or unnecessarily. You can check your refund status online by logging into your account below.

Income Tax Self-Service. Please allow the appropriate time to pass before checking your refund status: E-filed Returns: Allow weeks from the date you received confirmation that your e-filed state return was accepted before checking for information. Property transfer tax is an assessment charged by both the State of Michigan and the individual county. When you transfer real estate , they charge a fee as a percentage of the sales price. The seller is responsible for this fee unless it is otherwise agreed to be paid by the buyer.

Instant Downloa Mail Paper Copy or Hard Copy Delivery, Start and Order Now! Filing Tax es in Michigan. You must meet legal requirements for opening a bank account.

RT is a bank deposit, not a loan, and is limited to the size of your refund less applicable fees. Clarify that the Exemption “U” applies when the State Equalized Value (SEV) at the time of sale is less than or equal to the original SEV. The Michigan Supreme Court broaden the definition to remove the fact that True Cash Value be realized.

Michigan’s State Real Estate Transfer Tax SRETT Refund 1. The State Equalized Value (SEV) (what the State of Michigan says your home is worth). The transaction must have been for a price at which a. To provide homeowners a form of relief from a declining real estate market, the Michigan legislature enacted MCL 207.

Calculating the Michigan Real Estate Transfer Tax. The SRETT Refund could be a potentially large payoff,. These taxes are levied at different rates: State Transfer Tax Rate – $3.

A written instrument creating a joint tenancy between or more persons if at least of the persons already owns the property. County Transfer Tax Rate – $0. A transfer made pursuant to a bona fide sales agreement made before the date the tax is imposed under sections and if the sales agreement cannot be withdrawn or altere. There is information about who qualifies for.

We’ll help you get the biggest refund the fastest way possible.