Michigan Laws 207.501 – Real estate transfer tax; definitions
Current as of: 2024 | Check for updates
|
Other versions
As used in this act:
(a) “Treasurer” means the county treasurer.
Terms Used In Michigan Laws 207.501
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: means every natural person, association or corporation. See Michigan Laws 207.501
- Treasurer: means the county treasurer. See Michigan Laws 207.501
(b) “Person” means every natural person, association or corporation. Whenever used in any penalty clause the term “person”, as applied to associations, means the partners or members thereof, and as applied to corporations, the officers thereof.
(c) “Value” means the current or fair market worth in terms of legal monetary exchange at the time of the transfer.