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Mortgage Registry Tax (MRT)
The Mortgage Registry Tax is a state tax imposed on the recording of a mortgage. The mortgage cannot be recorded until the MRT is paid.
The tax rate is .0023 of the debt or portion of a debt that is secured by any mortgage of real property in Minnesota. (Minnesota Statutes, section 287.035)
97 percent of the MRT is remitted to the State of Minnesota and 3 percent is retained by Ramsey County.
- Fixed Rate Mortgage - Locate the amount of debt secured by the mortgage and multiply it by .0023.
- Revolving Line of Credit - Locate the maximum amount of the line of credit that may be secured at any one time, as expressed in the mortgage, regardless of the time or amount of advances, payments or readvances, and multiply it by .0023.
- Reverse Mortgage - Locate the expected total disbursements or cash equivalent to be made under the terms of the loan and multiply it by .0023.
- Adjustable Rate Mortgage - Locate the amount of debt secured by the mortgage and multiply it by the 110 percent, 115 percent or 125 percent interest rate indicated by the ARM. Multiply the resulting amount by .0023 to determine the amount of MRT due.
Use our Mortgage Tax Calculator to calculate your MRT amount.
State Deed Tax
The State Deed Tax is a state tax imposed on each deed or instrument that grants, assigns transfers or otherwise conveys real property.
The tax applies against the net consideration. The deed or instrument cannot be recorded until the deed tax is paid.
The deed must contain a statement setting forth the amount of tax due (Minnesota Statutes, section 287.21) or that it is exempt from tax (Minnesota Statutes, section 287.22)
The State Deed Tax rate is .0033 of the net consideration.
If there is no consideration or when the consideration is $500 or less, the minimum State Deed Tax due is $1.65.
97 percent of the State Deed Tax is remitted to the State of Minnesota and 3 percent is retained by Ramsey County.
Use our State Deed Tax Calculator to calculate your State Deed Tax amount.
Ramsey County is required by statute to collect a $5.00 fee on the recording or registration of a mortgage or deed where a Mortgage Registry Tax or State Deed Tax is due.
One-half of the fee is deposited in a special county conservation account and one-half is remitted to the State of Minnesota. Minnesota Statutes, section 40A.152, subdivision 1