Did you sell your home after June 24, 2011? You won’t believe what could happen next!

This was originally published back in 2016, but it’s still applicable and could put some serious cash in your pocket!

  1. Did you sell a home in Michigan after June 24, 2011?
  2. Was the SEV of your home less than when you purchased it?
  3. Did you pay the SRETT (State Real Estate Transfer Tax)? You may even be eligible if you purchased from Fannie Mae or Freddie Mac.

If you answered yes to all 3 questions, you may be eligible for a refund of $7.50 for every $1,000 of the purchase price.

That’s an easy $1,500 on the sale of a home for $200,000! Not bad for something like an hours worth of work (10 minutes if you have all your documents organized).

What if you don’t know the answers to the questions above? Have no fear. What you need is to…

  1. Find the Settlement Statement from your sale
  2. Look for the line that mentions “transfer tax” (usually on page 2)
  3. If the $ for the “State tax/stamps” falls in your column move on (if not, sorry)
  4. Find your property tax statements from when you purchased your house and when you sold your house
  5. If the State Equalized Value (SEV) was higher when you purchased than when you sold you’re most likely eligible!
  6. Find a copy of the warranty deed from the sale (or obtain from the Register of Deeds in your county)
  7. Make copies of everything, fill out “Form 2796” linked to below, and mail it in!

Resources

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