June 7, 2006, Introduced by Reps. Condino, Waters, Adamini, Acciavatti, Hunter, Farrah, Dillon, Miller, Polidori, Sak, Lemmons, Jr., Gonzales, Leland and Lemmons, III and referred to the Committee on Tax Policy.
A bill to amend 1993 PA 330, entitled
"State real estate transfer tax act,"
by amending sections 5 and 11 (MCL 207.525 and 207.531), section 5
as amended by 1994 PA 224.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 5. (1) Beginning on January 1, 1995, except as otherwise
provided in this section, the tax imposed under sections 3 and 4 is
levied at the rate of $3.75 for each $500.00 or fraction of $500.00
of the total value of the property being transferred.
(2) Beginning May 1, 2006 through December 31, 2007 only, the
tax imposed under sections 3 and 4 on property transferred for
which a principal residence exemption is claimed under section 7cc
of the general property tax act, 1893 PA 206, MCL 211.7cc, is
levied at the rate of $4.25 for each $500.00 or fraction of $500.00
of the total value of the property being transferred.
(3) (2)
A written instrument subject to the tax imposed by
this act shall state on its face the total value of the real
property being transferred unless an affidavit is attached to the
written instrument declaring the total value of the real property
being transferred. The form of the affidavit shall be prescribed by
the department of treasury. If the sale or transfer is of a
combination of real and personal property, the tax shall be imposed
only upon the transfer of the real property if the values of the
real and personal property are stated separately on the face of the
written instrument or if an affidavit is attached to the written
instrument setting forth the respective values of the real and
personal property.
Sec.
11. (1) The Except
as otherwise provided in subsection
(2), the treasurer shall credit the proceeds of the tax collected
by county treasurers under this act to the state treasury to the
credit of the state school aid fund established in section 11 of
article IX of the state constitution of 1963.
(2) Beginning May 1, 2006 through December 31, 2007, the
treasurer shall credit 50 cents of the proceeds of the tax levied
at the rate of $4.25 for each $500.00 or fraction of $500.00 under
section 5(2) to the general fund of the local tax collecting unit
from which the excess proceeds were collected.