Form MRT1 "Mortgage Registry Tax" - Minnesota

What Is Form MRT1?

This is a legal form that was released by the Minnesota Department of Revenue - a government authority operating within Minnesota. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on September 1, 2018;
  • The latest edition provided by the Minnesota Department of Revenue;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form MRT1 by clicking the link below or browse more documents and templates provided by the Minnesota Department of Revenue.

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Download Form MRT1 "Mortgage Registry Tax" - Minnesota

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MRT1
Mortgage Registry Tax
Form MRT1 may be used to document your claim for an exemption from mortgage tax or the basis of your tax. The mortgage registry tax rate is .0023 of the amount
of the debt being secured (.0024 for Hennepin and Ramsey counties). Please note, a document or any record of the mortgage may not be received in evidence in any
court, and is not valid notice, unless the tax has been paid. (M.S. 287.10)
Name of Borrower
Name of Lender
1 New debt being secured
2 New Debt Subject to Tax
3 Mortgage Tax Due
4 Reason Code
with this instrument
$
$
$
Mortgagor or authorized agent, sign below.
I declare that the information on this certificate is correct and complete to the best of my knowledge and belief.
Signature of Mortgagor or Authorized Agent
Title
Date
Daytime Phone
Website: www.revenue.state.mn.us. Email: MortgageDeed.Taxes@state.mn.us
Phone: 651-556-4721.
Reason Codes
1 Supplemental Mortgage
6 Mortgage given to correct a misdescription of the mortgaged
property.
This instrument is modifying an existing mortgage and
securing a new debt.
7 Mortgage executed as part of a plan of reorganization under a Chap-
ter 11 or Chapter 12 bankruptcy case. (Federal bankruptcy codes
1. Debt Secured After
1146[a] and 1231[a])
Supplement
_______________________
8 Mortgage secured by real property subject to the minerals produc-
2. Principle Balance Before
tion tax. (M.S. 298.24 to 298.28)
Supplement
( _______________________ )
9 Mortgage loan made under a low and moderate income or other
3. New Debt Subject to Tax
affordable housing program if the mortgagee is a federal, state, or
(Subtract Line 2 from Line 1.
local government agency. (Revenue Notice # 01-05)
Enter in boxes 1 and 2 at top)
_____________________________
10 A mortgage granted by a Fraternal Benefit Society (borrower).
2 Additional Security
(M.S. 64B)
This is a new and separate mortgage that provides additional
11 Reverse Mortgage/Home Equity Conversion Mortgage — tax is due
security for an outstanding debt for which tax has already
on the expected total disbursements less interest, mortgage insurance
been paid and whose mortgage remains in place.
premiums, and lender service fees. (M.S. 287.05, subd. 6)
(M.S. 287.01.04[c]).
12 Agricultural mortgage whose proceeds are being used to acquire or
Tax Paid ____________________________________________________
improve Minnesota real property that is or will be used for the pro-
duction of agricultural products. Includes prior qualifying loans that
County _____________________________________________________
are being re-financed. Note: The exemption does not apply to the
portion of the proceeds used for nonexempt purposes (e.g., house,
Document # _________________________________________________
residential-use garage, machinery and seed).
3 Limiting Clause
13 Mortgage encumbering real property located within the boundaries
The limiting clause can be used when a lender chooses to secure
of a federally recognized American Indian tribe if the mortgagor
only a portion of the debt amount recited in the mortgage.
(i.e., borrower) is (1) the tribe or a member of the tribe; or (2) pur-
chasing the property from the tribe or a member of the tribe and the
“Notwithstanding anything to the contrary herein,
mortgage is a purchase-money mortgage.
enforcement of this mortgage is limited to a debt amount of
14 Exempt Federal Agencies— To see a list go to our website at
$ ________________________________________________
www.revenue.state.mn.us and search Mortgage Registry Tax.
under M.S. 287.05, subd. 1a.”
15 If the above codes do not apply, please provide explanation below.
4 Mortgage Amendment
This is a mortgage amendment, as defined in M.S. 287.01, subd. 2,
and does not secure a new or increase an exisitng debt.
(M.S. 287.04[c]).
5 Decree of marriage dissolution or an instrument made pursuant to it.
(Rev. 9/18)
MRT1
Mortgage Registry Tax
Form MRT1 may be used to document your claim for an exemption from mortgage tax or the basis of your tax. The mortgage registry tax rate is .0023 of the amount
of the debt being secured (.0024 for Hennepin and Ramsey counties). Please note, a document or any record of the mortgage may not be received in evidence in any
court, and is not valid notice, unless the tax has been paid. (M.S. 287.10)
Name of Borrower
Name of Lender
1 New debt being secured
2 New Debt Subject to Tax
3 Mortgage Tax Due
4 Reason Code
with this instrument
$
$
$
Mortgagor or authorized agent, sign below.
I declare that the information on this certificate is correct and complete to the best of my knowledge and belief.
Signature of Mortgagor or Authorized Agent
Title
Date
Daytime Phone
Website: www.revenue.state.mn.us. Email: MortgageDeed.Taxes@state.mn.us
Phone: 651-556-4721.
Reason Codes
1 Supplemental Mortgage
6 Mortgage given to correct a misdescription of the mortgaged
property.
This instrument is modifying an existing mortgage and
securing a new debt.
7 Mortgage executed as part of a plan of reorganization under a Chap-
ter 11 or Chapter 12 bankruptcy case. (Federal bankruptcy codes
1. Debt Secured After
1146[a] and 1231[a])
Supplement
_______________________
8 Mortgage secured by real property subject to the minerals produc-
2. Principle Balance Before
tion tax. (M.S. 298.24 to 298.28)
Supplement
( _______________________ )
9 Mortgage loan made under a low and moderate income or other
3. New Debt Subject to Tax
affordable housing program if the mortgagee is a federal, state, or
(Subtract Line 2 from Line 1.
local government agency. (Revenue Notice # 01-05)
Enter in boxes 1 and 2 at top)
_____________________________
10 A mortgage granted by a Fraternal Benefit Society (borrower).
2 Additional Security
(M.S. 64B)
This is a new and separate mortgage that provides additional
11 Reverse Mortgage/Home Equity Conversion Mortgage — tax is due
security for an outstanding debt for which tax has already
on the expected total disbursements less interest, mortgage insurance
been paid and whose mortgage remains in place.
premiums, and lender service fees. (M.S. 287.05, subd. 6)
(M.S. 287.01.04[c]).
12 Agricultural mortgage whose proceeds are being used to acquire or
Tax Paid ____________________________________________________
improve Minnesota real property that is or will be used for the pro-
duction of agricultural products. Includes prior qualifying loans that
County _____________________________________________________
are being re-financed. Note: The exemption does not apply to the
portion of the proceeds used for nonexempt purposes (e.g., house,
Document # _________________________________________________
residential-use garage, machinery and seed).
3 Limiting Clause
13 Mortgage encumbering real property located within the boundaries
The limiting clause can be used when a lender chooses to secure
of a federally recognized American Indian tribe if the mortgagor
only a portion of the debt amount recited in the mortgage.
(i.e., borrower) is (1) the tribe or a member of the tribe; or (2) pur-
chasing the property from the tribe or a member of the tribe and the
“Notwithstanding anything to the contrary herein,
mortgage is a purchase-money mortgage.
enforcement of this mortgage is limited to a debt amount of
14 Exempt Federal Agencies— To see a list go to our website at
$ ________________________________________________
www.revenue.state.mn.us and search Mortgage Registry Tax.
under M.S. 287.05, subd. 1a.”
15 If the above codes do not apply, please provide explanation below.
4 Mortgage Amendment
This is a mortgage amendment, as defined in M.S. 287.01, subd. 2,
and does not secure a new or increase an exisitng debt.
(M.S. 287.04[c]).
5 Decree of marriage dissolution or an instrument made pursuant to it.
(Rev. 9/18)