Exemptions to Real Estate Transfer Tax
Act #134 of 1996, as amended
MCLA 207.505
Sec. 5. The following instruments and transfers shall be exempt from this act:
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(a) |
Instruments where the value of the consideration is less than $100.00. |
| (b) | Instruments evidencing contracts or transfers which are not to be performed wholly within this state insofar as such instruments include land lying outside of this state. |
| (c) | Written instruments which this state is prohibited from taxing under the constitution or statutes of the United States. |
| (d) | Instruments or writings given as security or any assignment or discharge thereof. |
| (e) | Instruments evidencing leases, including oil and gas leases, or transfers of such leasehold interests. |
| (f) | Instruments evidencing any interests which are assessable as personal property. |
| (g) | Instruments evidencing the transfer of rights and interests for underground gas storage purposes. |
| (h) | Instruments |
| i. | in which the grantor is the United States, the state, any political subdivision or municipality thereof, or officer thereof acting in his official capacity; |
| ii. | given in foreclosure or in lieu of foreclosure of a loan made, guaranteed or insured by the United States, the state, any political subdivision or municipality thereof or officer thereof acting in his official capacity; |
| iii. | given to the United States, the state, or 1 of their officers as grantee, pursuant to the terms or guarantee or insurance of a loan guaranteed or insured by the grantee. |
| (i) | Conveyances from a husband or wife or husband and wife creating or disjoining a tenancy by the entireties in the grantors or the grantor and his or her spouse. |
| (j) | Judgments or orders of courts of record making or ordering transfers, except where a specific monetary consideration is specified or ordered by the court thereof. |
| (k) | Instruments used to straighten boundary lines where no monetary consideration is given. |
| (l) | Instruments to confirm titles already vested in grantees, such as quitclaim deeds to correct flaws in titles. |
| (m) | Land contracts whereby the legal title does not pass to the grantee until the total consideration specified in the contract has been paid. |
| (n) | Instruments evidencing the transfer of mineral rights and interests. |
| (o) | Instruments creating a joint tenancy between 2 or more persons where at least 1 of the persons already owned the property. |