Michigan Transfer Tax Calculator
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Michigan Transfer Tax Calculator: What to Expect
This simple calculator can help home sellers in Michigan estimate their transfer taxes. To get a ballpark idea of the transfer tax fee you might pay in the Great Lakes State, enter your home’s estimated selling price above.
Need an estimated selling price? Try HomeLight’s free Home Value Estimator to see what your house might be worth. To receive a more accurate listing price, contact a top Michigan real estate agent and request a Comparative Market Analysis that will compare your home against nearby listed and recently sold properties.
How the Michigan Transfer Tax is Calculated
Michigan’s transfer tax has two components: a state transfer tax and a county transfer tax. The state transfer tax rate is $3.75 for every $500 of the property’s value, and the county transfer tax rate is $0.55 per $500.
For example, if you sold your home for $250,000 (Michigan’s approximate median home price), you could expect to pay a combined rate of $4.30 for every $500 of your home’s selling price, which comes to $2,150.
See the bigger home sale picture: To see what your entire home sale might cost, try HomeLight’s Michigan Seller Closing Cost Calculator. You’ll also get a preliminary look at your estimated net proceeds.
Does the Seller Always Pay the Michigan Transfer Tax?
In Michigan, the seller is generally responsible for paying both the state and county transfer taxes in a home sale. However, closing costs and fees can be negotiated between the buyer and seller during the sale process. Other exceptions might be found in these situations:
- New construction sales: Some builders pass the transfer tax responsibility directly to the homebuyer.
- Familial transfers: Some property transfers among family members (between spouses or children) or transfers involving a trust may be exempt from this tax.
Make Buying and Selling Easier: Most Michigan sellers are also buyers looking to purchase a new home. With HomeLight’s Buy Before You Sell program, you can make a non-contingent offer on your new home and only move once. Watch this short video to learn more.
More Resources to Plan Your Michigan Home Sale
Here are some additional tools to help you plan your Michigan home sale:
- Michigan Seller Closing Cost Calculator.
- Net Proceeds Calculator
- Map of recently sold homes in Michigan
- Listing Agent Match platform
- Home Value Estimator
- Best Time to Sell Calculator
- Agent Commission Calculator
Sell fast without paying fees or commissions: Get a cash offer today.
With HomeLight’s Simple Sale platform, you can receive a no-obligation, all-cash offer for your Michigan home in 24 hours. If you accept the offer, you can close in as few as 10 days. Answer a few questions about your Michigan property to get started. Along with your cash offer, you’ll also receive an expert estimate of what a top Michigan agent might be able to get for your home. Receive both selling options with one tool.
As you look ahead to your next home purchase, here are some helpful buyer tools: