Subscribe to Our Site

©2015 BY RE/MAX HARBOR COUNTRY@ New Buffalo VALERIE (VAL) BOMBERGER

Tel: 269.208.4750  valsoldit@gmail.com  https://www:.valsoldit..com/

45 N. Whittaker, Suite #200 New Buffalo, MI 49117

Home    |   About     | Search   |   Featured   |   Buy   |   Sell   |   Blog   |   Members Contact us   |   Contact   |   Book online

Search

Michigan Transfer Tax for Sellers

I was recently helping a client sell a house that she inherited. When I went over all the costs she was going to have to pay at closing, the Transfer Tax was the one that she did not understand. I decided that others may not understand how the Transfer Tax is calculated. The example below helped her understand the tax. I hope this will help others with the same questions. Example Calculating the real estate transfer tax is done in increments of $500. The state charges $3.75 for each increment and the county charges $.75. These combined represents the total tax obligation. The Michigan legislation states: That a discounted rate of $. 55 is allowed if the county’s population is less than 2 million.


I have added a link to help with other questions you may have. If you have questions on Michigan Transfer Tax or any part of the home selling process please, Don’t hesitate to Contact Me!