Under Michigan law, what is the state real estate transfer tax rate applied to the sale of real property?
Correct Answer
C) $7.50 per $1,000 of the sale price or fraction thereof
Under the Michigan Real Estate Transfer Tax Act (MCL 207.501–207.513), the state transfer tax rate is $7.50 per $1,000 of value (or fraction thereof) transferred. This is the state-level component of the transfer tax paid at closing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
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