State giving money back to home sellers - WNEM TV 5

State giving money back to home sellers

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SAGINAW COUNTY, MI (WNEM) -

If you sold a house in the past four years you might be in for a surprise payday.

Hundreds, maybe even thousands of dollars could be waiting for you.

"Depends on the sale, depends on the property, what they bought for, what they sold for," said Millie Dodak, register of deeds in Saginaw County.

It's all about new rules regarding the state transfer tax. You may have paid too much and if so, the State of Michigan wants to give some of it back.

In as little as six weeks, provided the situation around selling your home qualifies, you could have the money.

If the state equalized value at the time of the sale was lower or equal to the SEV when you purchased the home, then you don't have to pay the state transfer tax. If you're a sell who paid the tax you can get that money back.

You can get your SEV numbers from your real estate agent, title agent or by contacting your local municipality.

The transfer tax is .0075 of the sale price. Typical refunds have been from $600 to $2,000 so far.

There's one sheet of paperwork that your real estate agent of title agent can help you with, as well as the register of deeds.

"Probably if they have any questions I would suggest calling the Michigan Department of Treasury," Dodak said.

Copyright 2016 WNEM (Meredith Corporation). All rights reserved.

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