Form Mrt1 - Mortgage Registry Tax

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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
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.
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
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
seed, machinery and other operating
attach additional information.
Box 3: Tax due (Box 2 x .0023 or .0024
if Hennepin or Ramsey county)
Box 4: 16


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