Follow by Email

Tuesday, May 18, 2010

FINALLY A BENEFIT SELLERS CAN BANK ON!

ATTENTION ALL HOMEOWNERS thinking of selling . . .

When selling your principal residence (your home), you pay a sales tax – yes, a sales tax.  It is commonly known as a Transfer Tax.
 

  • It is $8.60 per $1000 State Equalized Value (SEV].
  • $7.50 goes to the State of Michigan [this can be waived if you meet the requirements].
  • $1.10 goes to the County [this can be waived if you meet the requirements]
If you have already lost value in your home, and will be taking a hit at closing, being exempted from paying this sales tax is welcome relief!  Michigan’s Attorney General sees it this way, too!



Happy 
dance
Answer this series of questions to see how it can work for YOU . . .


QUESTION 1:  Is the property currently claimed as a Homestead?


If "yes," continue.  If "No," STOP.  You cannot claim the exemption.


QUESTION 2:  What is the current
SEV?

QUESTION 3:  Is the saleprice less than or equal to the "true cash value" of the property.
For help with this, contact a
Realtor or our local assessor.

QUESTION 4:  What was the
SEV on the date of purchase?

For help with this, contact a Realtor or your local assessor.

If the answer to
QUESTION 4 is more than the amount for QUESTION 2, you CAN claim the exemption!

No comments: