MIAMI — The Michigan property and land registry is reporting a record low for unclaimed items and parcels.
On Monday, the Michigan Department of Natural Resources announced the property and property registry had 7,831 unclaimed parcels, compared to a record of 7,862 parcels on March 14, 2017.
This is a drop of 2,723 parcels.
According to the registrar’s data, a total of 6,819 parcels were unclaimed and listed for sale.
The total unclaimed value for unsold properties in the state in the last 30 days is $1,094,099.
On the other hand, the registrars data shows the state’s unclaimed parcel market has increased by more than 30% over the last year.
This year, 6,086 unclaimed pieces of property have been sold and a total $1.05 million has been paid out.
There are some interesting statistics to consider here.
According to the Michigan State Bureau of Motor Vehicles, the number of unclaimed vehicles in the United States rose by more that 1.2 million vehicles in 2017, from 10.3 million vehicles to 12.6 million vehicles.
In comparison, the national number of vehicles unclaimed decreased by 1.3% over 2017.
It is important to note that the number listed for the unclaimed is an incomplete count of the total number of parcels and parcels in the county.
In fact, the State Bureau says there are over 1.7 million parcels in Michigan and more than 2.3 billion acres of Michigan land.
It should be noted that the Michigan registraries numbers are not comprehensive because they do not include parcels that are owned by the state.
That leaves the property registry and property managers to make decisions about what to collect.
This chart below illustrates the percentage of parcels in each county that were unowned and where each parcel was located.
The total number and value of unsold parcels in all counties in Michigan, 2017-2018.
Click here to enlargeThe unclaimed number is an important statistic for property owners.
A large portion of the unsold parcel market is concentrated in the eastern and northern counties.
The number of the most common unclaimed objects in each of these counties is a lot smaller than the unowned amount of the property.
Here is a table that illustrates the total unsold property in the counties.
Property value: $1 million,000,000.00Unclaimed property value: 4,068,788,824.00In addition to the unoccupied parcels, there are also parcels that have not been reported yet.
In other words, property owners are not aware of their property’s condition and they may not be able to legally reclaim their property.
As a result, they are not making a final decision about what they will do with their property until they have the opportunity to reclaim it.
The Michigan State Department of State Resources has published a list of unowned parcels for sale at their property registry.
The Michigan State Treasurer is currently reviewing this list.
In the meantime, the state has launched an online property search to find any unclaimed or untitled parcels that may be in the area.
Here are some of the things that the State Treasurer has been asked to consider when deciding whether to reclaim unclaimed real estate:Does the unneeded land qualify for tax exemptions?
What is the current value of the land?
What are the current legal title issues?
How will the unclosed parcel be used for purposes?
What kind of land is the property being purchased for?
How long is the unincorporated area going to remain unincested?
How many parcels are being acquired by the unaccredited land owner?
Will the unregistered owner be able legally to reclaim the property?
How much does the uncollected property cost?
What kinds of documentation will be required to get a title?
Will a court order be required?
How does the property owner reclaim their unclaimed land?
Do I need to be a resident of the county where I intend to acquire my property?
If you have any questions about the unacquired property, you can contact the State Department for more information.