US Laws, Codes, Statutes & Cases

     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 a mortgage loan made under a 
 low and moderate income or other affordable housing program, if 
 the mortgagee is a federal, state, or local government agency. 

    (g) Mortgages granted by fraternal benefit societies 
 subject to section 64B.24. 

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

    (i) An agricultural mortgage if the proceeds of the loan 
 secured by the mortgage are used to acquire or improve real 
 property classified under section 273.13, subdivision 23, 
 paragraph (a), or (b), clause (1), (2), or (3). 

    (j) A mortgage on an armory building as set forth in 
 section 193.147. 

    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; 1Sp2001 c 5 art 7 
 s 25; 2005 c 151 art 8 s 1 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.