Fillable L-4260 This form must be filed whenever real (County of Otsego)

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L-4260 This form must be filed whenever real (County of Otsego)

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BROWSE COUNTY OF OTSEGO (MI) FORMS

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12.
5. Purchase Price of Real Estate
Michigan Department of Treasury
2766 (Rev. 7-00)
PROPERTY TRANSFER AFFIDAVIT
This form must be filed whenever real estate or some types of personal property are transferred (even if you
are not recording a deed). It is used by the assessor to ensure the property is assessed properly and receives the
correct taxable value. It must be filed by the new owner with the assessor for the city or township where the
property is located within 45 days of the transfer. If it is not filed timely, a penalty of $5/day (maximum $200)
applies. The information on this form is NOT CONFIDENTIAL.
1. Street Address of Property
3. City /Township/Village of Real Estate
8. Buyer's (Transferee) Name and Mailing Address7. Seller's (Transferor) Name
I certify that the information above is true and complete to the best of my knowledge.
Owner's Signature If signer is other than the owner, print name and title.
This form is issued under authority of
P.A. 415 of 1994. Filing is mandatory.
6. Property Identification Number (PIN). If you don't have a PIN, attach legal description.
4. Date of Transfer (or land contract was signed)
Items 9 - 13 are optional. However, by completing
them you may avoid further correspondence.
9. Type of Transfer
Land Contract
Deed
The Michigan Constitution limits how much a property’s taxable value can increase while it is owned by the same person. Once the
property is transferred, the taxable value must be adjusted by the assessor in the following year to 50 percent of the property's usual
selling price. Certain types of transfers are exempt from adjustment. Below are brief descriptions of the types of exempt transfers;
full descriptions are in MCL Section 211.27a(7)(a-n). If you believe this transfer is exempt, indicate below the type of exemption
you are claiming. If you claim an exemption, your assessor may request more information to support your claim.
Exemptions
transfer from one spouse to the other spouse
change in ownership solely to exclude or include a spouse
transfer of that portion of a property subject to a life lease or life estate (until the the life lease or life estate expires)
transfer to effect the foreclosure or forfeiture of real property
transfer by redemption from a tax sale
transfer into a trust where the settlor or the settlor's spouse conveys property to the trust and is also the sole beneficiary of the trust
transfer resulting from a court order unless the order specifies a monetary payment
transfer creating or ending a joint ownership if at least one person is an original owner of the property (or his/her spouse)
transfer to establish or release a security interest (collateral)
transfer of real estate through normal public trading of stocks
transfer between entities under common control or among members of an affiliated group
transfer resulting from transactions that qualify as a tax-free reorganization
transfer of qualified agricultural property when the property remains qualified agricultural property and affidavit has been filed.
other, specify:
Certification
PIN. This number ranges from 10 to 25 digits.
It usually includes hypens and sometimes
includes letters. It is on the property tax bill
and on the assessment notice.
2. County
City
Township
Village
10.
Is the transfer between related persons?
11. Amount of Down Payment
13. Amount Financed (Borrowed)
Date
Transfers include deeds, land contracts, transfers involving
trusts or wills, certain long-term leases and interest in a
business. See the back for a complete list.
If you financed the purchase,
did you pay market rate of interest?
Yes
No
Yes
No
Lease
Other (specify)
L-4260
Reset Form
Instructions
This form must be filed when there is a transfer of real property or one of the following types of
personal property:
•
•
•
Transfer of ownership means the conveyance of title to or a present interest in property, including the
beneficial use of the property. It includes, but is not limited to, the following conveyances:
•
•
•
•
•
•
•
•
•
•
buildings on leased land.
leasehold improvements (as defined in MCL Section 211.8(h)).
leasehold estates (as defined in MCL Section 211.8(i) and (j)).
deed.
land contract.
transfer into a trust, unless the sole beneficiary is the settlor (creator of the trust), the settlor's spouse,
or both.
transfer from a trust, unless the distributee is the sole present beneficiary, the spouse of the sole
present beneficiary, or both.
changes in the sole present beneficiary of a trust, unless the change only adds or substitutes the spouse
of the sole present beneficiary.
distributions by a will or intestate succession, unless to the decedent's spouse.
leases, if the total duration of the lease is more than 35 years, including the initial term and all options
for renewal, or if the lease grants the lessee the right to purchase the property at the end of the lease
for not more than 80 percent of the property's projected true cash value at the end of the lease. This
only applies to the portion of the property subject to the lease described above.
transfers of more than a 50 percent interest in the ownership of a business, unless the ownership is
gained through the normal public trading of shares of stock.
transfers of property held as a tenancy in common, except the portion of the property not subject to the
ownership interest conveyed.
a conveyance of an ownership interest in a cooperative housing corporation, except that portion of the
property not subject to the ownership interest conveyed.
Excerpts from Michigan Compiled Laws (MCL), Chapter 211
Section 211.27a(10)
". . . the buyer, grantee, or other transferee of the property shall notify the appropriate assessing
office in the local unit of government in which the property is located of the transfer of ownership
of the property within 45 days of the transfer of ownership, on a form prescribed by the state tax
commission that states the parties to the transfer, the date of the transfer, the actual consideration for
the transfer, and the property's parcel identification number or legal description."
Section 211.27(5)
"Beginning December 31, 1994, the purchase price paid in a transfer of property is not the
presumptive true cash value of the property transferred. In determining the true cash value of
transferred property, an assessing officer shall assess that property using the same valuation method
used to value all other property of that same classification in the assessing jurisdiction."
For complete descriptions of qualifying transfers, please refer to MCL Section 211.27a(6)(a - j).
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Completed 18 July 2020

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