Conveyance Tax

Beginning July 1, 2020 (cite: Public Acts 19-117, § 337), there is a new marginal real estate conveyance tax rate of 2.25% on consideration for residential real property exceeding $2,500,000. 

The marginal tax brackets for residential real property are as follows: 

• Up to and including $800,000: 0.75%
• $800,000.01 to $2,500,000: 1.25%
• Over $2,500,000: 2.25%