Are You Entitled to a Sizable Tax Refund on Your Southeast Michigan Home?

Southeast Michigan Real Estate Podcast with Derek Bauer

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Recently, a change in law went into effect that will impact a lot of people in Southeast Michigan. In fact, in the last few days, I was able to tell three different people that they have refunds owed to them in the amount of $2,000 and $3,000.

This law change affects anyone who has sold, or plans on selling, real property that is homesteaded in the last four years in Michigan. In late 2015, the governor signed a public act that changed what was a rather confusing exemption to a law. In Michigan, we pay taxes when real property changes hands to both the state and the county. In Southeast Michigan, it is typically paid by the seller.

To give you an idea of what kind of money we're talking about: on a $250,000 sales price, the amount paid is around $2,000; on a $500,000 sales price it's around $4,000, and so on. A further resource to seek out to get this refund is www.DoorToDreams.com/TaxRefund.

A lot of people are owed a lot of money because of this law change. As I said before, in only the last few days I was able to inform three people that they were owed a refund between $2,000 and $3,000. If you've sold a homestead property recently, you want to take a look at the State Equalized Value (SEV) of the property. If it is lower in the year that you sold it than the year you acquired it, and the property was your primary residence, you could qualify for this refund.

If you're a client of ours and you have sold with us in the last four years, we will be contacting you to help you through the process. We look forward to giving you the good news that you're owed some money! Of course, if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!