The Fannie Mae and Freddie Mac sales contracts typically required the buyer to pay the transfer tax. 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. Michigan State 1040 Form ... quick and affordable so you get your maximum refund. Michigan Department of Treaury 2796 (Rev. The county’s acceptance of the deed for recording is evidence that the taxes were paid. Thanks to a Michigan Supreme Court decision and legislation in which the Michigan Realtors® played a key role, Michigan home sellers whose homes have declined in value since they purchased them have an exemption from transfer tax and can obtain a refund if they paid the transfer tax. Copyright © 2021 09-16) Application for State Real Estate Transfer Tax (SRETT) Refund Issued under authority of Public Act 330 of 1993. The party that paid the transfer tax may request the refund if a refund is due 2. 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. (Note, there is no ability to obtain a refund of the county transfer tax). 08-12) Application for State Real Estate Transfer Tax (SRETT) Refund Issued under authority of Public Act 330 of 1993. Suggestions Michigan Take Home Pay Calculator 2. House Bill 4173, now Public Act 217 of 2015, revises the Michigan Real Estate Transfer Tax to clarify two items: 1. ARERS Check this box if 2/3 of your income is from farming, fishing, or seafaring. "Where's My Refund" tells you to contact the IRS; Do not file a second tax return. 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. 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. To obtain the refund, the property owner will need: Proof of payment of the transfer tax. Are there any limits to the amount I can deposit using direct deposit ? When a principal residence is sold, State Real Estate Transfer Tax (SRETT) must be paid to the County Treasurer. This act shall be known and may be cited as the "state real estate transfer tax act". More > Welcome to MiTransfer! That is one of the lowest rates for states with a flat tax. Getting a Michigan Transfer Tax Refund. Thank you Lisa for contacting me regarding a transfer tax refund from the state of Michigan. The Michigan Supreme Court broaden the definition to … A form is provided. In Michigan, adjusted gross income (which is gross income minus certain deductions) is based on federal adjusted gross income. Check your settlement statement to see if this was one of the items charged to you. 7. 7 Great reasons you want me to be your buyer’s agent. 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. At first I thought this was a hoax, I was very skeptical and ignored her letter. If, for example, you paid $300,000 for the home, you’d have paid a transfer tax of $2,580 (300 x $8.60 = $2,580). Report this post; Ed Giffels Follow Realtor at Jaqua Realtors. Once the state refund gets processed, you can contact the county register of deeds to get a refund of the county’s portion of the tax. Michigan Transfer Agreement. When a principal residence is sold, State Real Estate Transfer Tax (SRETT) must be paid to the County Treasurer. 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. The instructions and the refund form can be accessed here: Application for State Real Estate Transfer Tax (SRETT) Refund. Do You Qualify To Receive The Michigan State Transfer Tax Refund? Michigan transfer tax refund IRS – up to two days earlier than standard direct deposit. - when will I receive My refund clarify two items: 1 Agency ( Michigan Company... Issued under authority of Public Act 330 of 1993 ; Statutory Fees taxes this be... Be … Thank you Lisa for contacting me Regarding a transfer tax ( SRETT ) refund Issued under authority Public. On January 21, 2016 January 21, 2016 January 21, 2016 January,... Ed Giffels Follow Realtor at Jaqua Realtors Required the buyer owes any transfer tax password via email standard deposit! 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