State Loses Appeal Over Tax Break In Certain Home Sales
LANSING, Mich. (AP) - The Michigan Supreme Court has ruled in favor of home sellers in a tax dispute involving property in a market that's down or slowly recovering.
In a unanimous decision, the court says some sellers are exempt from a real estate transfer tax. The tax break applies if a home's state equalized value is the same or less than the value when the home was acquired years earlier.
The Supreme Court didn't need to hear arguments before issuing a 7-0 opinion Thursday and overturning an appeals court ruling. The appeals court last year had a different interpretation of state law.
The real estate transfer tax can add up. It's $3.75 for every $500 in a sale.
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