The Michigan Supreme Court has ordered that information about the financing of property sales must be gathered. The purpose of the form is to determine whether favorable financing provided by the seller may have caused the sale price to increase, i.e. mortgage amounts, interest rates, and any personal property received by the buyer, etc. If so, any increase in price due to favorable seller-provided financing must be removed before the sale is considered for property assessment study purposes.
Information disclosed on Real Property Statements is confidential and will only be shared by the:
- County Equalization Department
- State Tax Commission
- Others involved in and for the determination of assessments