Michigan Department of Treaury 2796 (Rev. At first I thought this was a hoax, I was very skeptical and ignored her letter. The exemption matters – at 0.75%, state transfer tax on the sale of home for $200,000, for example, is $1,500. Some functions of this site are disabled for browsers blocking jQuery. To provide homeowners a form of relief from a declining real estate market, the Michigan legislature enacted MCL 207.526(u), which exempts the sale of certain principal residences from this transfer tax. Photos Courtesy of Lars Jensen.Additional photos courtesy of Ann Arbor Area Convention and Visitors Bureau© 2021 Hamilton, London & Davis PLC, View Our DisclaimerLaw Firm Website Design by The Modern Firm. 09-18) Application for State Real Estate Transfer Tax (SRETT) Refund Issued under authority of Public Act 330 of 1993. CHECKLIST FOR PROFESSIONAL PHOTOGRAPHY AND SHOWINGS, Proof of payment of the transfer tax. 09-16) Application for State Real Estate Transfer Tax (SRETT) Refund Issued under authority of Public Act 330 of 1993. The easiest way for you to do this is have your favorite real estate agent look into this. When a principal residence is sold, State Real Estate Transfer Tax (SRETT) must be paid to the County Treasurer. Check your settlement statement to see if this was one of the items charged to you. 1. We just wanted to take a minute and express out thanks to you guys for making us aware of a state of Michigan ‘oversight’ back a few months ago in regards to our unclaimed real estate transfer tax refund we … These pages list the county and state exemptions. The Michigan Department of Treasury has posted new instructions for affected buyers to directly apply for refunds on transfers concerning Fannie Mae and Freddie Mac. Michigan SRETT refund. This can be found on a tax bill or assessment notice for that year. Michigan Taxes. The opinion, arising out of a request from Representative Martin Griffin (D-Jackson), should afford certain home sellers immediate financial relief as Michigan’s real estate market continues its road to recovery. taxes This will not increase b. The SRETT can be a significant amount of money, and should not be ignored. To obtain the refund, the property owner will need: • Proof of payment of the transfer tax. The professionals at Michigan Home Tax Refunds possess decades of expertise in finance, tax, and real estate matters, as well as a thorough knowledge of the applicable state tax laws. The property qualifies for a 100% Principal Residence Exemption. Proof of date of sale and proof of sale price of property, again usually by a copy of the recorded deed or the Form L-4258 Real Estate Transfer Tax Valuation Affidavit. You can choose to receive your tax refund transfer in a number of different ways. More > Welcome to MiTransfer! The State of Michigan imposes a transfer tax on the sale or transfer of real property. When a principal residence is sold, State Real Estate Transfer Tax (SRETT) must be paid to the County Treasurer. The county’s acceptance of the deed for recording is evidence that the taxes were paid. The Fannie Mae and Freddie Mac sales contracts typically required the buyer to pay the transfer tax. The tax is assessed on the fair market value of the property at the time of the transfer and transfer is imposed on the seller of the property. Getting a Michigan Transfer Tax Refund. Then when I received a second letter, it was then I decided to call and investigate. Michigan transfer tax refund IRS – up to two days earlier than standard direct deposit. "Where's My Refund" tells you to contact the IRS; Do not file a second tax return. If so, it likely was a whopping expense. Search for articulation agreements and transfer guides. The transfer tax rate is computed at $1.10 per $1,000 for Wayne County, and $7.50 per $1,000 for the State of Michigan. 1. Rest assured your inquiries and phone calls will be answered in a timely manner. If a seller pays the State Real Estate Transfer Tax (SRETT) to the Register of Deeds, and later determines that the sale (transfer) of the real property was exempt from the SRETT, the Michigan Department of Treasury will process an application for a refund of the SRETT. A court decision has changed that assumption. 1-04) Application for State Real Estate Transfer Tax (SRETT) Refund When a seller pays the SRETT to the Register of Deeds, and later determines that the sale (transfer) of the real property was exempt from the SRETT, the Michigan Department of Treasury will process an application for a refund of the SRETT. State Real Estate Transfer Tax (SRETT) Please allow 6 to 8 weeks before calling to check the status of your refund. A copy of the settlement statement/closing statement showing which party paid the transfer tax. Spouse your tax or reduce your refund. The tax is $8.60 for each $1,000 of the sales price. In Michigan, taxpayers also can call the state Treasury Department's income tax information line at 517-636-4486 for questions about their state income tax return, including refunds. Title Agency (Michigan Title Company) directly for assistance with your real estate transaction. The seller usually pays the transfer tax, but the seller and buyer can agree that the buyer will be responsible. Notice Regarding Document Required for SRETT Refunds Under Exemption U. Garnishment of State Tax Refund by State Agencies The Michigan Transfer tax is required to be paid by a seller when you sell a home. Michigan State Tax Refund Status Information: The Michigan Department of Treasury offers the following services available 24 hours a day, 7 days a week. If the Seller, or the Buyer who paid SRETT on behalf of the seller (under “u”), later believes that the sale or transfer of the property qualifies for exemption under MCL 207.526 (see Page 2), a request for a refund … ARERS Check this box if 2/3 of your income is from farming, fishing, or seafaring. Note: To get return information using the "Internet" and "Telephone" options below, you must have . If you choose direct deposit. The attorneys at the Ann Arbor law firm of Hamilton, Graziano & London can help you obtain the refund – and advise you about other property tax matters as well. House Bill 4173, now Public Act 217 of 2015, revises the Michigan Real Estate Transfer Tax to clarify two items: 1. Please contact M.S. If you bought a home from Fannie Mae or Freddie Mac, you may have agreed to pay the Michigan transfer tax. This Application for Real Estate Transfer Tax Refund is to be used for the state of Michigan (SRETT). Michigan Department of Treasury 2796 (Rev. This will be shown on a copy of the recorded deed or you can provide copies of the receipt from the County Treasurer accompanied. 7. In order to figure out if you are entitled to a refund, and make application for the same, you should complete Michigan Department of Treasury form 2796 (revised 4-16), and attach the required documentation, when sending in the completed form in to the Michigan Department of Treasury. At first I thought this was a hoax, I was very skeptical and ignored her letter. the collection and distribution of the tax; and to prescribe penalties and provide remedies. Do You Qualify To Receive The Michigan State Transfer Tax Refund? If the Seller, or the Buyer Review this video to learn how to navigate the site and plan your transfer. To obtain the refund, the property owner will need: Proof of payment of the transfer tax. The tax rate is $3.75 for each $500 or fraction thereof of the total value of the property transferred. Previously, a Michigan homeowner would be exempt from paying the state transfer tax if they met the following requirements. Pursuant to Michigan’s State Real Estate Transfer Act, the State of Michigan places a transfer tax of 0.75% on all real estate transfers that do not fall into certain exceptions. Attorney General Mike Cox issued an important opinion this week clarifying the proper application of an obscure exemption contained in the Michigan Transfer Tax Act. This was based on the assumption that the sale was subject to the tax. Note: To get return information using the "Internet" and "Telephone" options below, you must have . The federal court of appeals has ruled that it’s not. I can help get the money back that you paid in. 6. You can choose disbursement by check, deposit to an existing account or load to an H&R Block Emerald Prepaid Mastercard ® 110.If you choose a State Refund Transfer, it will be disbursed using the same method you choose for your Federal Refund Transfer. If you continue to use this site we will assume that you are happy with it. Taxes Site - Michigan Taxes, tax, income tax, business tax, sales tax, tax form, 1040, w9, treasury, withholding More > Transfer Your Associate Degree. If so, it likely was a whopping expense. If you do not have a favorite real estate agent or they do not know how to perform this, let me know. Are there any limits to the amount I can deposit using direct deposit ? The instructions and the refund form can be accessed here: Application for State Real Estate Transfer Tax (SRETT) Refund. This form is used when a transfer tax is paid but it is later determined that the transfer was exempt. If the exemption would have applied but the transfer tax was paid, the party who paid the tax (almost always the seller), can obtain a refund for a sale on or after June 24, 2011. With lower property values due to the housing crisis a few years back, many homeowners are able to take advantage of an exemption contained in the Michigan Transfer Tax Act. You’ll need to attach a copy of your Settlement Statement (HUD-1), and a copy of the recorded deed. Back to Michigan; Transfer Tax Exemptions. The party that paid the transfer tax may request the refund if a refund is due. Browsers that can not handle javascript will not be able to access some features of this site. Note that both lists are in content identical until subparagraph (j). A form is provided. The result: If you paid the transfer tax, you can get a refund. (October 8, 2015) This summer, the Michigan Supreme Court issued an opinion in Gardner v.Department of Treasury, ruling that homeowners who can demonstrate, when they sell their principal residence, that the state equalized value (SEV) at the time of sale is less than or equal to the SEV at the time of their purchase are exempt from the real estate transfer tax and may seek a refund. Frequently Asked Questions When a principal residence is sold, State Real Estate Transfer Tax (SRETT) must be paid to the County Treasurer. State Real Estate Transfer Tax Act (Excerpt) Act 330 of 1993; Statutory Fees Unlike the handful of other firms which may offer this service, Michigan Home Tax Refunds is 100% dedicated to securing transfer tax refunds for our clients. To obtain the refund, the property owner will need: If you do not have a tax bill or assessment notice for each year, the SEV for the year of purchase and the year of sale can be obtained from the local city of township treasurer or assessor by addressing a Freedom of Information Act request to the city or township requesting documentation to show it. 27 Seller Tips To Sell Fast For Top Dollar. That is one of the lowest rates for states with a flat tax. You can also add a copy of the Michigan Tax Reform Calculator to your won website to allow your users to use the tool whilst browsing your Michigan tax advice, Michigan tax refund articles etc. Most of the transfer tax you paid went to the State of Michigan. This can be found on a tax bill or assessment notice for that year. You can track it at the Michigan Department of Treasury Where's My Refund? The party that paid the transfer tax may request the refund if Thank you Lisa for contacting me regarding a transfer tax refund from the state of Michigan. The property qualifies for a 100% Principal Residence Exemption. Agent Michigan is the website of Agent and Team Leader Michael Ayoub. A refund may apply when the SEV at the time of sale is less than or equal to the original SEV when you bought the home. In July 2015, the Michigan Supreme Court readjusted the Michigan Transfer Tax Act to allow more people to recoup taxes paid at the time of the sale of their home. You can choose disbursement by check, deposit to an existing account or load to an H&R Block Emerald Prepaid Mastercard ® 110.If you choose a State Refund Transfer, it will be disbursed using the same method you choose for your Federal Refund Transfer. TUS.. Resident * … Obtaining a refund of transfer tax paid on the sale of a home that has lost value. These combined represents the total tax obligation. TUS. The sale price will ordinarily appear on the deed and if not, on the Form L-4258 Real Estate Transfer Tax Valuation Affidavit. Paycheck Checkup: you can use the IRS Tax Withholding Estimator to … Suggestions Michigan Take Home Pay Calculator Documentation of the State Equalized Value (SEV) in the year of sale. In Michigan, adjusted gross income (which is gross income minus certain deductions) is based on federal adjusted gross income. History:€1993, Act … Sellers who meet the following three (3) requirements are exempt from paying the state transfer tax and are entitled to a State Real Estate Transfer Tax (SRETT) Refund if they sold their property within the last 4 years. Apr. Federal law says that Fannie Mae and Freddie Mac must pay the same property taxes that everyone else pays – but not other state and local taxes. On a $200,000 sale the transfer tax would have been $1,500. M.S. The tax is $8.60 … Computing real estate transfer tax is done in increments of $500. Transfer your general education requirements. A refund may apply when the SEV at the time of sale is less than or equal to the original SEV when you bought the home. Michigan Department of Treasury 2796 (Rev. The seller pays .75 percent of the sales price when the deal closes. The Michigan Department of Treasury website provides a transfer tax refund form for filing the request for refund, along with directions as to the required documentation for obtaining the refund. History:€1993, Act 330, Eff. Taxes Site - When will I receive my refund? Your Michigan state tax refund can only be garnished (also known as intercepted) through the Michigan Department of Treasury. In a welcome decision, the Majority clarified a confusing element of Exemption (u) under the State Real Estate Transfer Tax … As a result of this decision, many who sold their homes in the last four years are now entitled to a refund of transfer taxes. If the Seller, or the Buyer Social Security Number (SSN) Tax Year Filing Status Adjusted Gross Income (AGI) or Total Household Resources (THR) Adjusted Gross Income is found on line 10 of your MI-1040. IRS Form 8to request abatement and a refund. 2. The street address will usually be sufficient identification, but if it is available, you may add the tax parcel identification number, which usually appears on the deed and on the Real Estate Transfer Tax Valuation Affidavit. The state charges $3.75 for each increment and the county charges $.55 (which an be up to $.75 as authorized by the county board of commissioners with a population more than 2,000,000 or more). (Note, there is no ability to obtain a refund of the county transfer tax). This form is used when a transfer tax is paid but it is later determined that the transfer was exempt. 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