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Mortgage Registry and State Deed Tax


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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.

Effective July 1, 2013, the tax rate increased in Ramsey County to .0024 (from .0023) of the debt or portion of a debt that is secured by a mortgage of real property, if the mortgage is acknowledged on or after July 1, 2013. (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.

Calculating MRT

  • Fixed Rate Mortgage - Locate the amount of debt secured by the mortgage and multiply it by .0024 if your mortgage is acknowledged on or after July 1, 2013.

  • 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 re-advances, and multiply it by .0024 if your mortgage is acknowledged on or after July 1, 2013.

  • Reverse Mortgage - Locate the expected total disbursements or cash equivalent to be made under the terms of the loan and multiply it by .0024 if your document is acknowledged on or after July 1, 2013.

  • 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 .0024 to determine the amount of MRT due, if your mortgage is acknowledged on or after July 1, 2013.

Use our Mortgage Tax Calculator to calculate your MRT amount if your mortgage is acknowledged after July 1, 2013. 

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)

Effective July 1, 2013, the State Deed Tax rate in Ramsey County increased from .0033 of the net consideration to .0034, if the deed is acknowledged on or after July 1, 2013. (Minnesota Statutes, sections 287.21 and 383A.80).

If there is no consideration or when the consideration is $500 or less, the minimum State Deed Tax due is $1.70 if the deed is acknowledged on or after July 1, 2013.  

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 if your deed is acknowledged after July 1, 2013.  

CONSERVATION FEE

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 40A.152, subdivision 1 states how the county must spend its portion of the funds.