287.01 DEFINITIONS; MORTGAGE REGISTRY TAX. Subdivision 1. Words, terms, and phrases. Unless the language or context clearly indicates that a different meaning is intended, the following words, terms, and phrases, for the purposes of sections 287.01 to 287.13, have the meanings given them in this section. Subd. 2. Amendment. “Amendment” means generally a document that […]
287.03 INSTRUMENTS VALID SECURITY FOR DEBT. No instrument, other than a decree of marriage dissolution or an instrument made pursuant to it, relating to real estate may be enforced as security for any debt, unless the fact that it is so intended is expressed in it. Except as provided in section 287.05, an instrument may […]
287.035 IMPOSITION OF TAX. A tax is imposed on the privilege of recording a mortgage. The tax rate is .0023 of the debt or portion of a debt that is secured by any recorded mortgage of real property located in this state. The person liable for the tax is the mortgagor. The tax is not […]
287.04 EXEMPTIONS. The tax imposed by section 287.035 does not apply to: (1) a decree of marriage dissolution or an instrument made pursuant to it; (2) a mortgage given to correct a misdescription of the mortgaged property; (3) a mortgage or other instrument that adds additional security for the same debt for which mortgage registry […]
287.05 DETERMINATION OF TAX IN SPECIAL SITUATIONS. Subdivision 1. Real property outside Minnesota. (a) When a multistate mortgage is intended to secure only a portion of a debt amount recited or referred to in the mortgage, the mortgage may contain the following statement, or its equivalent, on the first page: “Notwithstanding anything to the contrary […]
287.08 TAX, HOW PAYABLE; RECEIPTS. (a) The tax imposed by sections 287.01 to 287.12 must be paid to the treasurer of any county in this state in which the real property or some part is located at or before the time of filing the mortgage for record. The treasurer shall endorse receipt on the mortgage […]
287.10 PREPAYMENT OF TAX; EVIDENCE; NOTICE. A mortgage, or documents relating to its foreclosure, assignment, or satisfaction, must not be recorded unless the tax has been paid. Except as provided in section 582.25, a document or any record of the mortgage may not be received in evidence in any court, and is not valid notice, […]
287.11 MORTGAGES RECORDED OR REGISTERED PRIOR TO PASSAGE OF SECTIONS 287.01 TO 287.12. All mortgages of real property recorded prior to the passage of sections 287.01 to 287.12 are taxable under the provisions of law existing prior to the enactment of sections 287.01 to 287.12; provided, that the holder of any such mortgage may pay […]
287.12 TAXES, HOW APPORTIONED. (a) All taxes paid to the county treasurer under the provisions of sections 287.01 to 287.12 must be apportioned, 97 percent to the general fund of the state, and three percent to the county revenue fund. (b) On or before the 20th day of each month the county treasurer shall determine […]
287.13 VIOLATIONS; CIVIL PENALTIES. Subdivision 1. Failure to pay full amount. Any person liable for the tax imposed by section 287.035 who fails to pay the full amount of mortgage registry tax imposed under this chapter, unless the failure is shown to be due to reasonable cause, is liable for a civil penalty of $250 […]
