Representative Donni Steele (R-Orion) introduced legislation she believes will help combat the high cost of living residents are experiencing.
Key Points:
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- House Bills 5811 – 5814 eliminates the Real Estate Transfer (RET) Tax.
- Currently, the state taxes $3.75 of every $500 of transferred property.
- For example, if a family sells their home for $125,000, they will owe nearly $1,000 in taxes.
Next Steps:
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- The bills were referred to the House Tax Policy for consideration.