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Michigan imposes a tax upon the seller or grantor of the following instruments recorded at the county register of deeds:Contracts for the sale or exchange of real estate or any interest therein (or any combination of sales or exchanges) or any assignment or transfer...
The Principal Residence Exemption (PRE) is a provision of Michigan's General Property Tax Act (MCL 211.7cc) that allows the owner to exempt a principal residence from the tax levied by the local school district up to the amount provided in MCL 380.1211 (currently 18...
On February 28th, 2018, Governor Rick Snyder signed legislation into law that will retain the personal tax exemption for Michigan taxpayers. When President Trump signed the Tax Cuts and Jobs Act of 2017 (the "Act") into law last December, he enacted federal...
Technically speaking, Michigan still retains an inheritance tax and an estate tax in its statutes, but neither tax would apply to anyone who died today.An inheritance tax is a levy assessed upon a beneficiary receiving estate property from a decedent. The amount of...
On January 17th, 2018, the Michigan Senate and Michigan House of Representatives overrode Gov. Rick Snyder's veto on a tax bill aimed to provide relief to Michigan taxpayers.The issue at stake is the amount of sales tax that a Michigan resident would pay on the...