Michigan Laws 207.525 – Tax rate; statement of total value of real property being transferred; affidavit; value of real and personal property stated separately
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(1) Beginning on January 1, 1995, except as otherwise provided in this section, the tax imposed under section 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 on its face the total value of the real property being transferred unless an affidavit is attached to the written instrument declaring the total value of the real property being transferred. The form of the affidavit shall be prescribed by the department of treasury. If the sale or transfer is of a combination of real and personal property, the tax shall be imposed only upon the transfer of the real property if the values of the real and personal property are stated separately on the face of the written instrument or if an affidavit is attached to the written instrument setting forth the respective values of the real and personal property.
Terms Used In Michigan Laws 207.525
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Personal property: All property that is not real property.
- Property: includes land, tenements, real estate, and real property and all rights to and interests in land, tenements, real estate, or real property. See Michigan Laws 207.522
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Tax: means the state real estate transfer tax imposed under this act. See Michigan Laws 207.522
- Value: means the current or fair market worth in terms of legal monetary exchange at the time of the transfer. See Michigan Laws 207.522