Ready for your Transfer Tax Refund?

Usually, tax info in NOT good news, but hold on, I have some great information for you.  

As a Seller, Have you had a closing since 2011?  If so you maybe eligible for a refund of the state transfer tax you paid at closing.  The amount you would have paid would have been equal to roughly about $8 / per thousand of your sales price.  (Sale price / 1000 x 8.00)

The Michigan Supreme Court recently interpreted one of the exemptions to the State Real Estate Transfer Tax, greatly increasing the number of sales that qualify for the exemption. If the State Equalized Value (SEV) of the Home at the time you bought it is more than the SEV at the time you sell/sold it (it decreased in assessed value), and the sale was an “arm’s-length” or fair market transaction, the sale is exempt from the State Transfer Tax.  

Previously, you also had to show you sold the home for less than twice the SEV. You no longer have to meet that second requirement, meaning many are entitled to a refund of the State Transfer Tax.

Call or email me if you have any questions.  I have an attorney I can refer you too if you want to check to see if you are eligible and want to petition the state for a refund.  Their fee is quite reasonable and well work the extra money you will be left with after the refund.  

 

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