Liem Ngo v. Department of Treasury

In these consolidated appeals, we consider whether petitioners, who sold their principal residences in arm’s-length transactions, are entitled to refunds of the real estate transfer tax under the real estate transfer tax exemption set forth in MCL 207.526(u) when the state equalized value of the properties at the time of sale was less than it was at the time of their original purchases. We hold that petitioners are entitled to refunds under the real estate transfer tax exemption in these circumstances. We therefore reverse the judgment of the Court of Appeals and remand these cases to the Tax…