The Detroit Michigan Application for Real Estate Transfer Tax Refund is a government document that allows individuals or entities to seek a refund of the real estate transfer tax that was paid at the time of property acquisition. This application is specifically designed for transactions that occurred in the city of Detroit, Michigan, and pertains to the refund of taxes paid on the transfer of real estate properties within the city limits. It is an essential form for those who believe they are eligible for a refund based on specific criteria outlined by the city's tax code. The application form requires the applicant to provide detailed information about the property, including its address, legal description, and acquisition date. Additionally, the applicant must provide personal information such as their name, contact details, and taxpayer identification number. When applying for a real estate transfer tax refund in Detroit, there are two primary types of applications: 1. Principal Residence Exemption (PRE) Refund Application: This application is intended for homeowners who purchased a property in Detroit and established it as their primary residence. The PRE refund application allows eligible homeowners to seek a refund of the real estate transfer tax paid at the time of purchase. 2. Property Transfer Affidavit (PTA) Refund Application: This application is applicable to individuals or entities who transfer property in Detroit to another party within a specific timeframe (usually 45 days). Eligible applicants may seek a refund of the real estate transfer tax paid if the property is transferred back to them within the specified timeframe. Both types of applications require supporting documentation, such as a copy of the deed or other legal documents related to the property transfer. The application must be filled out accurately and submitted to the appropriate department within the city government. Overall, the Detroit Michigan Application for Real Estate Transfer Tax Refund is an important document for individuals and entities wishing to reclaim real estate transfer taxes paid in Detroit. It offers various types of refund applications, primarily for those who establish a principal residence or transfer property within a certain timeframe.
Detroit Michigan Application for Real Estate Transfer Tax Refund
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How to fill out Detroit Michigan Application For Real Estate Transfer Tax Refund?
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Go to the Assessor's office of the municipality or city where the property is based. 2). Request for TRANSFER OF OWNERSHIP OF TAX DECLARATION. -DEED OF ABSOLUTE SALE (DOAS) stamped as received by the BIR.
In accordance with Michigan State Law, a Property Transfer Affidavit must be filed with the local assessor's office whenever real estate or some types of personal property transfer ownership (a transfer of ownership is generally defined as: a conveyance of title to, or present interest in, a property, including
MICHIGAN REAL ESTATE TRANSFER TAX The tax shall be upon the person who is the seller or the grantor. In the case of an exchange of two properties the deeds transferring title to each are subject to tax, and in each case shall be computed on the basis of the actual value of the property conveyed.
How Much Are Transfer Taxes in Michigan? The state transfer tax rate in Michigan is $3.75 for every $500 of property value, or 0.75% of the transferred property's value. In addition to the state tax, each individual county levies an additional transfer tax of $0.55 per $500.
Property transfer tax is an assessment charged by both the State of Michigan and the individual county. When you transfer real estate, they charge a fee as a percentage of the sales price. The seller is responsible for this fee unless it is otherwise agreed to be paid by the buyer.
Property Transfer Information: A property transfer affidavit must be filed by the new owner with the assessor for the city or township where the property is located within 45 days of transfer.
Property transfer tax is an assessment charged by both the State of Michigan and the individual county. When you transfer real estate, they charge a fee as a percentage of the sales price. The seller is responsible for this fee unless it is otherwise agreed to be paid by the buyer.
To check the status of your Michigan state refund online, visit Michigan.gov. You may also call 1-517-636-4486. For e-filed returns: Allow two weeks from the date you received confirmation that your e-filed state return was accepted before checking for information.
A Property Transfer Affidavit is a form that notifies the local taxing authority of a transfer of ownership of real estate.
How to Transfer Michigan Real Estate Find the most recent deed to the property. It is helpful to begin by locating the most recent deed to the property (the deed that transferred the property to the current grantor).Create the new deed.Sign and notarize the deed.File the deed in the county land records.