Michigan State Transfer Tax and STREET

If you sold a Michigan home in the last 4 years; your clients may be exempt from paying the Michigan State Transfer Tax and may be eligible for State Real Estate Transfer Tax (SREET) Refund.

Here are some details:

• The property must have been classified as homestead property and occupied as their principle residence.
• The property’s State Equalized Value (SEV) for the calendar year in which the transfer is made must be less than or equal to the property’s SEV for the calendar year in which it was acquired.
• The property cannot be transferred for consideration exceeding its “true cash value” for the year of the transfer.

To obtain a refund application from the Michigan Department of Treasury, visit: http://www.michigan.gov/documents/2796f7_2601_7.pdf

Questions?
Please call the Treasury’s Special Taxes Division, Miscellaneous Taxes & Fees Unit at 517.636.0515.

IMPORTANT: This is for informational purposes only and does not imply or guarantee a refund.

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