Section 207.521 – Short Title.
207.521 Short title. Sec. 1. This act shall be known and may be cited as the “state real estate transfer tax act”. History: 1993, Act 330, Eff. Apr. 1, 1994
Section 207.522 – Definitions.
207.522 Definitions. Sec. 2. 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 […]
Section 207.523 – Written Instruments Subject to Tax; Person Liable for Tax; Payment Date; Refund.
207.523 Written instruments subject to tax; person liable for tax; payment date; refund. Sec. 3. (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 […]
Section 207.524 – Written Instruments Executed Outside of State.
207.524 Written instruments executed outside of state. Sec. 4. 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 […]
Section 207.525 – Tax Rate; Statement of Total Value of Real Property Being Transferred; Affidavit; Value of Real and Personal Property Stated Separately.
207.525 Tax rate; statement of total value of real property being transferred; affidavit; value of real and personal property stated separately. Sec. 5. (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 […]
Section 207.526 – Written Instruments and Transfers of Property Exempt From Tax.
207.526 Written instruments and transfers of property exempt from tax. Sec. 6. 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 […]
Section 207.527 – Bankruptcy or Insolvency Proceeding; Exemption From Tax.
207.527 Bankruptcy or insolvency proceeding; exemption from tax. Sec. 7. 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. History: 1993, Act 330, Eff. Apr. […]
Section 207.528 – Stamp as Evidence of Tax Payment; Other Methods of Cancellation.
207.528 Stamp as evidence of tax payment; other methods of cancellation. Sec. 8. (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 […]
Section 207.529 – Stamps; Prescribing and Preparing for Use; Requisition of Stamps by County Treasurer; Use of Tax Meter Machine; Alternative Means.
207.529 Stamps; prescribing and preparing for use; requisition of stamps by county treasurer; use of tax meter machine; alternative means. Sec. 9. (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 […]
Section 207.530 – Disposition of Tax.
207.530 Disposition of tax. Sec. 10. 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 […]
Section 207.531 – Crediting Tax Proceeds.
207.531 Crediting tax proceeds. Sec. 11. 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. History: 1993, Act 330, Eff. Apr. 1, […]
Section 207.532 – Payment of Tax; Written Instruments Not Subject to Tax.
207.532 Payment of tax; written instruments not subject to tax. Sec. 12. (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 […]
Section 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.
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. Sec. 13. (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 […]
Section 207.534 – Prohibited Conduct; Violation as Misdemeanor.
207.534 Prohibited conduct; violation as misdemeanor. Sec. 14. (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 […]
Section 207.535 – Tax in Addition to and Collected With Tax Imposed Under MCL 207.501 to 207.513.
207.535 Tax in addition to and collected with tax imposed under MCL 207.501 to 207.513. Sec. 15. 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. […]
Section 207.536 – Administration of Act.
207.536 Administration of act. Sec. 16. 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. History: 1993, Act 330, Eff. Apr. 1, 1994
Section 207.537 – Conditional Effective Date.
207.537 Conditional effective date. Sec. 17. 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. […]