County Tax Exemptions
COUNTY TRANSFER TAX EXEMPTIONS
The People of the State of Michigan enact:
Section 1. Section 5 of Act No. 134 of the Public Acts of 1996, as amended by Act No. 327 of the Public Acts of 1968, being Sect. 207.505 of the Compiled Laws of 1948, is amended as follows: 207.505 Real Estate Transfer Tax; exemptions(MSA 7.456 (5) Sec. 5) The following written instruments and transfers shall be exempt from this act:
a. Instruments where the value of the consideration is less than $100.00.
b. Instruments evidencing contracts or transfers which are not to be performed wholly within this state in-so-far as such instruments include land lying outside of this state.
c. Written instrument that this state is prohibited from taxing under the constitution or statutes of the United States.
d. Written instrument or writing given as security or any assignment or discharge thereof.
e. Instruments evidencing leases, including oil and gas leases, or transfer of leasehold interests.
f. Instruments evidencing any interests which are assessable as personal property.
g. Instruments evidencing the transfer of rights and interests for underground gas storage purposes.
h. Any of the following written instruments:
· Instruments given in which the grantor is the United States, the state, or political subdivision or municipality thereof acting in his or her official capacity.
· Instruments given in foreclosure or in lieu of foreclosure of a loan made, guaranteed, or insured by the United States, the state, any political subdivision or municipality thereof or officer thereof acting in his or her official capacity.
· Instruments given to the United States, the state, or one of their officers acting as grantees, pursuant to the terms or guarantee or insurance of a loan guaranteed or insured by the grantee.
i. Conveyance from a husband or wife or husband and wife creating or disjoining a tenancy by the entireties in the grantors or the grantor and his or her spouse.
j. Judgments or orders of court of record making or ordering transfers, except where a specific monetary consideration is specified or ordered by the court therefore.
k. Instruments to straighten boundary lines if no monetary consideration is given.
l. Instruments to confirm titles already vested in grantees, such as quit claim deeds to correct flaws in titles.
m. Land contracts whereby the legal title does not pass to the grantee until the total consideration specified in the contract has been paid.
n. Instruments evidencing the transfer of mineral rights and interests.
o. Instruments creating a joint tenancy between 2 or more persons where at least 1 of the persons already owned the property.