closing

Minnesota Deed Tax

Minnesota's tax under §287.21 on deeds conveying real property, due when the deed is recorded. If consideration is more than $3,000, the tax is .0033 of the net consideration; at $3,000 or less it is $1.65. Net consideration excludes any lien that remains on the property, such as an assumed mortgage. By custom the seller pays, but the purchase agreement controls. A separate mortgage registry tax of .0023 of the debt is paid by the mortgagor.