2000 Minnesota Code
Chapters 272 - 289 Property Taxes
Chapter 287 Mortgage Registry Tax; Deed Tax
Section 287.21 Imposition of tax; determination of tax.

287.21 Imposition of tax; determination of tax.

Subdivision 1. Determination of tax. (a) A tax is imposed on each deed or instrument by which any real property in this state is granted, assigned, transferred, or otherwise conveyed. The tax applies against the net consideration.

(b) The tax is determined in the following manner: (1) when transfers are made by instruments pursuant to mergers, consolidations, sales, or transfers of substantially all of the assets of the entities as defined in section 287.20, subdivision 9, pursuant to plans of reorganization, the tax is $1.65; (2) when there is no consideration or when the consideration, exclusive of the value of any lien or encumbrance remaining thereon at the time of sale, is $500 or less, the tax is $1.65; or (3) when the consideration, exclusive of the value of any lien or encumbrance remaining at the time of sale, exceeds $500, the tax is $1.65 plus $1.65 for each additional $500 or fraction of that amount.

(c) The tax is due at the time a taxable deed or instrument is presented for recording.

Subd. 2. Repealed, 1999 c 31 s 26

Subd. 3. Expired

Subd. 4. Repealed, 1999 c 31 s 26

HIST: 1961 c 647 s 1; Ex1967 c 32 art 11 s 1; 1969 c 399 s 24; 1973 c 118 s 1; 1Sp1985 c 14 art 11 s 5; 1987 c 268 art 14 s 15; 1987 c 403 art 2 s 149; 1988 c 719 art 19 s 13; 1990 c 480 art 7 s 23; 1993 c 375 art 3 s 39; 1999 c 31 s 12