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MICHIGAN
REAL
ESTATE TRANSFER TAX
MCL
207.505.......................................MCL 207.526
A written instrument subject to
the tax imposed by MCL 207.505 Section 5 and MCL 207.526
Section 6 shall state on its face the TOTAL CONSIDERATION
of the real property. (See acts for details.) Transfer tax
imposed by each act shall be collected unless said instrument
of transfer is exempt from either or both acts and such
exemptions are stated on the face of the deed.
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.
Conveyances affecting property
situated in more than one county must state the portion of
the sale price attributable to each parcel lying in the
separate counties and transfer tax must be paid to each
county for that portion of the sale price.
Documentary stamps shall be
purchased only in the county in which the property is
located.
No fee is charged
for filing the "Real Estate
Transfer Valuation Affidavit", but the instrument should
state that a real estate transfer valuation affidavit is
being filed.
The rate of the County tax is
$.55 for each $500.00 or fraction thereof.
The rate of the State tax is $3.75 for each $500.00 or
fraction thereof.
The fees for recording and filing
of instruments in
Wayne
County
can be obtained by contacting:
Wayne
County
Register of
Deeds
International
Center
Building
400
Monroe
Street - 6th Floor
Detroit
,
Michigan
48226-3465
(313) 224-5850
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