Sec. 4.
The tax shall be at the rate of 55 cents in a county with a population of less than 2,000,000 and not more than 75 cents as authorized by the county board of commissioners in a county with a population of 2,000,000 or more for each $500.00 or fraction thereof of the total value. A written instrument subject to the tax imposed by this act shall state on its face the total value of the real property or there shall be attached to the instrument an affidavit declaring the total value of the real property. The form of the affidavit shall be prescribed by the state tax commission. In the case of the sale or transfer of a combination of real and personal property the tax shall be imposed only upon the transfer of the real property, if the values of the real and personal property are stated separately on the face of the instrument or if an affidavit is attached to the instrument setting forth the respective values of the real and personal property.
History: 1966, Act 134, Eff. Jan. 1, 1968 ;-- Am. 1968, Act 327, Imd. Eff. July 3, 1968 ;-- Am. 1980, Act 413, Eff. Mar. 31, 1981
Structure Michigan Compiled Laws
Act 134 of 1966 - Real Estate Transfer Tax (207.501 - 207.513)
Section 207.501 - Real Estate Transfer Tax; Definitions.
Section 207.502 - Instruments Executed Within State Subject to Tax.
Section 207.503 - Instruments Executed Outside State Subject to Tax.
Section 207.504 - Rate of Tax; Statement on Face of Written Instrument; Affidavit.
Section 207.506 - Bankruptcy or Insolvency Proceedings; Transfer to Receivers.
Section 207.507 - Documentary Stamps; Purchase, Methods of Affixation, Cancellation.
Section 207.508 - Preparation of Stamps; Duty of Treasurer, Use of Tax Meter Machine.
Section 207.509 - Revenue, Disposition; Credit to General Fund.
Section 207.510 - Tax to Be Paid Only Once; Exemptions; New Consideration.
Section 207.511 - Recording, Requirements; Detachment of Affidavit; Use.