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New Tax Refund! – Do You Qualify?

by Amber Kunnen on January 13, 2016

Still upset you missed out on the big tax refunds of the past? You might be eligible to claim yours now!

A bill went into effect in December that could make it possible for people who SOLD their principal residence after June 24, 2011 to get a tax refund!

You only have 4 years 15 days from the date of the sale to file!

If your State Equalized Value (SEV) at the time of the sale was less than when you originally purchased, you could get the state transfer tax you paid at close refunded.

For example, if you are eligible and your home sold for $150,000 that could mean about $1,125 back in your pocket! If your home sold for more, that just means more $$$

So, how do you know if you’re eligible? Check your SEVs for the years purchased and sold on your county website or by calling your city or township assessor.
Examples:

Hooray! You found out you’re eligible! Now what? Mail the PDF application for the tax refund (found in the link below) along with the requested documentation:

  1. Application for State Real Estate Transfer Tax Refund
  2. Copies of the recorded deeds which should show the transfer tax stamp and proof of sales price. If you don’t have copies in your files, these can be purchased through the online Deed Search or by visiting the Register of Deeds office.
  3. Proof of the SEV can be found via your local municipality or by visiting AccessMyGov.

Then await your check!

Sources: https://www.accesskent.com/Departments/RegisterofDeeds/
http://woodtv.com/2015/12/23/recent-home-sellers-may-be-eligible-for-new-tax-refund/

Amber KunnenNew Tax Refund! – Do You Qualify?