Fillable Form Mrt1 - Mortgage Registry Tax printable pdf download

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).

Name of borrower

Name of lender

Amount secured by mortgage (box 1)

Taxable Amount (box 2)

Mortgage tax due (box 3)

Reason code (box 4)

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

If you have questions, call 651-556-4721. TTY: Call 711 for Minnesota Relay. Fax: 651-297-1939.

Reason codes

1 Decree of marriage dissolution or an

11 Mortgage encumbering real property

14 Limiting Clause

instrument made pursuant to it.

located within the boundaries of a feder-

The limiting clause can be used when a

ally recognized American Indian tribe

2 Mortgage given to correct a misdescrip-

lender chooses to secure only a por-

if the mortgagor (i.e., borrower) is (1)

tion of the mortgaged property.

tion of the debt amount recited in the

the tribe or a member of the tribe; or (2)

3 Mortgage or other instrument that adds

mortgage. Example: A promissory note

purchasing the property from the tribe or

additional security for the same debt for

for $1 million is secured with $300,000

a member of the tribe and the mortgage is

which mortgage registry tax has been

of personal property and $700,000 of

a purchase-money mortgage.

paid.

real property. Because the real property is

12 Federal government and agencies:

4 Mortgage executed as part of a plan of

valued at $700,000, the lender can choose

Mortgage is exempt if one of these enti-

reorganization under a Chapter 11 or

to secure and pay MRT on the $700,000.

ties is acting as either mortgagor (bor-

Chapter 12 bankruptcy case. (Federal

“Notwithstanding anything to the con-

rower) or mortgagee (lender):

bankruptcy codes 1146[c] and 1231[c]).

trary herein, enforcement of this mortgage

• Commodity Credit Corporation

5 Mortgage secured by real property subject

is limited to a debt amount of $………….

• Farm Credit Banks

to the minerals production tax (M.S.

under M.S. 287.”

– Agribank (i.e., Farm Credit Bank of

298.24 to 298.28).

St. Paul)

Box 1: Portion of debt being secured.

6 Mortgage loan made under a low and

– AgAmerica Farm Credit Bank

Box 2: Portion of debt being secured.

moderate income or other affordable

• Farm Housing Assistance

Same as Box 1.

housing program if the mortgagee is a

– USDA Rural Housing Service mortgag-

Box 3: Tax due (Box 2 x .0023 or .0024

federal, state, or local government agency

es that secure a Section 502, 504, 514,

if Hennepin or Ramsey county)

(Revenue Notice # 01-05).

516 or Rural Rental Housing Preserva-

Box 4: 14

7 A mortgage granted by a Fraternal Benefit

tion Direct Loan.

15 Mortgage Amendment

Society (borrower) (M.S. 64B).

• Farm Service Agency

This is a mortgage amendment, as de-

• Federal Financing Bank

8 Mortgage amendment or extension, as

• Federal Home Loan Mortgage Corpora-

fined in M.S. 287.01, subd. 2, and as such

defined in M.S. 287.01.

tion (“Freddie Mac”)

does not secure a new or an increased

9 Reverse Mortgage/Home Equity Con-

amount of debt.

• Federal National Mortgage Association

version Mortgage — tax is due on the

(“Fannie Mae”)

expected total disbursements less interest,

Box 1: Current debt amount upon

• Government National Mortgage

mortgage insurance premiums, and lender

which MRT has been paid.

Association (“Ginnie Mae”)

service fees. M.S. 287.05, subd. 6.

Box 2: -0-

• National Consumer Cooperative Bank

Box 3: -0-

10 Agricultural mortgage whose proceeds

• Small Business Administration

Box 4: 15

are being used to acquire or improve real

• Federal Land Bank Associations

property that is or will be used for the

16 Mortgage Supplement

– Ag Star Financial Services, FLCA

production of agricultural products. In-

– Ag County Farm Credit Services, FLCA

This agreement increases an existing

clude prior qualifying loans that are being

–Farm Credit Services of Grand Forks,

debt by ____________.

re-financed. Note: The exemption does

FLCA

Box 1: Current debt amount upon

not apply to the portion of the proceeds

– Farm Credit Services of Minnesota

which MRT has been paid.

used for nonexempt purposes (e.g., the

Valley, FLCA

Box 2: Amount of increase in existing

construction or improvement of a house,

13 If the above codes do not apply, please

debt.

seed, machinery and other operating

attach additional information.

Box 3: Tax due (Box 2 x .0023 or .0024

expenses).

if Hennepin or Ramsey county)

Box 4: 16

(11/08)

Form Mrt1 - Mortgage Registry Tax

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