1999 Minnesota Code
Chapters 272 - 289 Property Taxes
Chapter 287 Mortgage Registry Tax; Deed Tax
Section 287.04 Exemptions.

287.04 Exemptions.

The tax imposed by section 287.035 does not apply to:

(a) A decree of marriage dissolution or an instrument made pursuant to it.

(b) A mortgage given to correct a misdescription of the mortgaged property.

(c) A mortgage or other instrument that adds additional security for the same debt for which mortgage registry tax has been paid.

(d) A contract for the conveyance of any interest in real property, including a contract for deed.

(e) A mortgage secured by real property subject to the minerals production tax of sections 298.24 to 298.28.

(f) The principal amount of bonds or other obligations issued by the St. Paul port authority under its common revenue bond fund if each of the following conditions are met.

(1) The bonds or other obligations are secured by a mortgage on property, title to which is held by the political subdivision.

(2) The mortgage is recorded after May 19, 1993.

(3) The bonds or other obligations are either (i) outstanding on May 19, 1993, or (ii) issued in exchange for or to otherwise refund bonds or other obligations the original series of which were issued before May 19, 1993.

(g) Mortgages taken in good faith by persons or corporations whose property is expressly exempted from taxation by section 272.02, subdivisions 2 to 8, or mortgagees that are fraternal benefit societies subject to section 64B.24.

(h) A mortgage amendment or extension, as defined in section 287.01.

HIST: (2322) 1907 c 328 s 1; 1965 c 51 s 53; 1967 c 340 s 1; 1983 c 233 s 3; 1993 c 271 s 4; 1999 c 31 s 4