Mich. Comp. Laws § 207.521
Short title.
This act shall be known and may be cited as the "state real estate transfer tax act".
Michigan Compiled Laws — STATE REAL ESTATE TRANSFER TAX ACT (Act 330 of 1993)
Michigan · statute · 330 of 1993, Mich. Comp. Laws · 17 active provisions
Mich. Comp. Laws § 207.522
Definitions.
As used in this act: (a) "Controlling interest" means more than 80% of the total value of all classes of stock of a corporation; more than 80% of the total interest in capital and profits of a partnership, association, limited liability company, or other unincorporated form of doing business; or more than 80% of the be…
Mich. Comp. Laws § 207.523
Written instruments subject to tax; person liable for tax; payment date; refund.
(1) There is imposed, in addition to all other taxes, a tax upon the following written instruments executed within this state when the instrument is recorded: (a) Contracts for the sale or exchange of property or any interest in the property or any combination of sales or exchanges or any assignment or transfer of prop…
Mich. Comp. Laws § 207.524
Written instruments executed outside of state.
There is imposed, in addition to all other taxes, a tax upon all written instruments described in section 3 executed outside of this state if the contract or transfer evidenced by the written instrument concerns property wholly located within this state. A written instrument described in this section is subject to this…
Mich. Comp. Laws § 207.525
Tax rate; statement of total value of real property being transferred; affidavit; value of real and personal property stated separately.
(1) Beginning on January 1, 1995, except as otherwise provided in this section, the tax imposed under sections 3 and 4 is levied at the rate of $3.75 for each $500.00 or fraction of $500.00 of the total value of the property being transferred. (2) A written instrument subject to the tax imposed by this act shall state…
Mich. Comp. Laws § 207.526
Written instruments and transfers of property exempt from tax.
The following written instruments and transfers of property are exempt from the tax imposed by this act: (a) A written instrument in which the value of the consideration for the property is less than $100.00. (b) A written instrument evidencing a contract or transfer that is not to be performed wholly within this state…
Mich. Comp. Laws § 207.527
Bankruptcy or insolvency proceeding; exemption from tax.
A tax is not imposed by this act upon a written instrument that conveys or transfers property or an interest in the property to a receiver, administrator, or trustee, whether special or general, in a bankruptcy or insolvency proceeding.
Mich. Comp. Laws § 207.528
Stamp as evidence of tax payment; other methods of cancellation.
(1) Except as provided in section 9, the payment of the tax imposed by this act shall be evidenced by the affixing of a documentary stamp or stamps to each written instrument subject to the tax imposed by this act by the person making, executing, issuing, or delivering the written instrument. The stamp required by this…
Mich. Comp. Laws § 207.529
Stamps; prescribing and preparing for use; requisition of stamps by county treasurer; use of tax meter machine; alternative means.
(1) The treasurer shall prescribe and prepare for use by a county treasurer adhesive stamps of the denominations and quantities that are necessary for the payment of the tax imposed by this act and the tax imposed by Act No. 134 of the Public Acts of 1966, being sections 207.501 to 207.513 of the Michigan Compiled Laws…
Mich. Comp. Laws § 207.530
Disposition of tax.
The tax imposed under this act shall be collected by the county treasurer and deposited with the treasurer as provided in this section. By the fifteenth day of each month, the county treasurer shall, on a form prescribed by the treasurer, itemize the tax collected the preceding month and transmit the form and the tax c…
Mich. Comp. Laws § 207.531
Crediting tax proceeds.
The treasurer shall credit the proceeds of the tax collected by county treasurers under this act to the state treasury to the credit of the state school aid fund established in section 11 of article IX of the state constitution of 1963.
Mich. Comp. Laws § 207.532
Payment of tax; written instruments not subject to tax.
(1) The tax imposed by this act shall be paid only once. A tax shall not be imposed on a written instrument that transfers property if the written instrument is given and the transfer made pursuant to a written executory contract upon which the tax was previously paid. A written instrument that is evidence of indebtedn…
Mich. Comp. Laws § 207.533
Recording written instruments; stamps required; reason for exemption to be stated on written instrument; effect of noncompliance with act; use and disclosure of affidavit.
(1) A written instrument subject to the tax imposed by this act shall not be recorded in the office of the register of deeds of any county of this state unless documentary stamps as required by this act have been purchased at the time of presentation by the party liable for the tax under section 3(2). The stamps shall…
Mich. Comp. Laws § 207.534
Prohibited conduct; violation as misdemeanor.
(1) A person shall not do any of the following: (a) Fraudulently cut, tear, or remove a documentary stamp from a written instrument. (b) Fraudulently affix to a written instrument upon which the tax is imposed by this act any of the following: (i) A documentary stamp that has been cut, torn, or removed from another wri…
Mich. Comp. Laws § 207.535
Tax in addition to and collected with tax imposed under MCL 207.501 to 207.513.
The tax imposed under this act is in addition to and may be collected with the tax imposed under Act No. 134 of the Public Acts of 1966, being sections 207.501 to 207.513 of the Michigan Compiled Laws.
Mich. Comp. Laws § 207.536
Administration of act.
This act shall be administered by the revenue division of the department of treasury under Act No. 122 of the Public Acts of 1941, being sections 205.1 to 205.31 of the Michigan Compiled Laws.
Mich. Comp. Laws § 207.537
Conditional effective date.
This act shall not take effect unless Senate Joint Resolution S is submitted to the voters and the following bills are enacted into law: (a) House Bill No. 5109. (b) House Bill No. 5116. (c) House Bill No. 5009. (d) House Bill No. 5010. (e) House Bill No. 5118. (f) House Bill No. 5097. (g) House Bill No. 5123. (h) Hous…