[Michigan_LT] transfer tax on CEs

[Jean Brokish]

Hello Good People of Michigan's Land Trusts,

We recently closed on a conservation easement that we purchased using 319
money.  The easement document identifies the purchase price.  The title
company has since reported to me that the Register of Deeds is requiring us
to pay the transfer tax for the purchase price (which we didn't do at
closing time).

My questions: Does our 501c3 allow an exemption on this tax?  Should I be
putting the purchase price on the easement document?  How do other land
trusts handle transfer taxes?

All advice will be most appreciated!

Thank you,

Jean

 

 

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Jean Brokish

Chikaming Open Lands

PO Box 291 / 14913 Lakeside Rd

Lakeside, MI  49116

 

p: 269-469-2330  f: 269-469-2471

 

 

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