This should make our new residents from New York feel right at home

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Couple of the year

Couple of the year

Effective today, the so-called mansion tax just jumped to 2.25%

Real Estate Conveyance Tax Rate

Beginning July 1, 2020 (cite: Public Acts 19-117, § 337), there is a new marginal real estate conveyance tax rate of 2.25% on consideration for residential real property exceeding $2,500,000. The marginal tax brackets for residential real property are as follows:

  • Up to and including $800,000: 0.75%

  • $800,000.01 to $2,500,000: 1.25%

  • Over $2,500,000: 2.25%