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Form 8824 Sterling Heights Michigan: What You Should Know
Property Ownership Information. If property transfer or assignment is in process, provide the name of the transferee or the transferor's address and the owner's address (that is, the owner's name and address with the last 4 digits). Property Transfer and Assignment Affidavit. Please complete as much as you can before the deadline, but don't fill out more than one poster. Sterling Heights Property Tax Rates — IRS About Personal Property (P) Tax Rate Tax Due on 1,000,000 1.20 / 1,000 1.60 / 1,000 + Other 5.60 Sale of Real Property 2.90 / 1,000 2.45 / 1,000 + Other 6.45 Sale of Personal Property 1.50 / 1,000 1.30 / 1,000 0.75 / 1,000 + Other 5.20 Personal Transfer (purchase) 1.00 / 1,000 0.75 / 1,000 0.00 / 1,000 0.00 / 1,000 + Tax + Tax The Personal/Principal Residence Exemption The principal residence exemption is allowed with other exceptions as noted in IRM 22.214.171.124.4, Other Exceptions for the Principal Residence Exemption. Example 2: Your house has a lot that is your principal residence. The sale price is 200,000 and the new buyer paid for the house (50,000) with money you saved. You may sell the house at the above fair market value (FMV). You may also sell the house for 50,000 with or without the principal residence exemption. Example 3: Your house is worth 500,000, and you own it outright. A real estate agent purchases it for 400,000. The principal residence exemption is not allowed to the buyer. The sales price is 400,000, the new buyer paid 400,000 for the house, and you must claim a 20,200 deduction (see 126.96.36.199.7, The Principal Residence Exemption).
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