What are “transfer taxes?”

What are “transfer taxes?”

Michigan levies two transfer taxes on the sale or other transfer of real estate. A county transfer tax of $1.10 per $1,000 has been levied for many years. A state transfer tax of $7.50 per $1,000 was levied starting in 1995. There are numerous exemptions from these taxes, most relating to sales where no monetary value is attributed to the transaction or where the transaction is between family members or current co-owners of the property.

By |2018-06-04T16:22:52+00:00June 4th, 2018|

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