Form Mrt1 - Mortgage Registry Tax

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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).
Name of borrower
Supplemental Mortgage (Worksheet for Reason Code 3)
A. Amount secured after
supplement
Name of lender
(
)
B. Amount secured before
supplement
1 New debt being secured
2 New debt subject to tax
3 Mortgage tax due
4 Reason
C. New debt subject to tax
with this instrument
code
(Subtract Line B from Line A.
Enter in boxes 1 and 2)
$
$
$
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: Email: MortgageDeed.Taxes@state.mn.us
Phone: 651-556-4721. TTY: Call 711 for Minnesota Relay. Fax: 651-297-1939.
Reason Codes
1 Mortgage Amendment
8 Mortgage secured by real property
14 Shariah Compliant Mortgage.
subject to the minerals production tax.
This is a mortgage amendment, as defined
15 Federal Government and Agencies
(M.S. 298.24 to 298.28)
in M.S. 287.01, subd. 2, and does not
• Farm Service Agency
secure a new or increase an existing debt.
9 Mortgage loan made under a low and
• Federal Financing Bank
2 Additional Security
moderate income or other affordable
• Federal Home Loan Mortgage Corpo-
This is a new and separate mortgage that
housing program if the mortgagee is
ration (“Freddie Mac”)
provides additional security for an out-
a federal, state, or local government
• Federal National Mortgage Associa-
agency. (Revenue Notice # 01-05)
standing debt for which tax has already
tion (“Fannie Mae”)
been paid. (M.S. 287.04[c]).
• Government National Mortgage
10 A mortgage granted by a Fraternal Ben-
Association (“Ginnie Mae”)
3 Supplemental Mortgage
efit Society (borrower). (M.S. 64B)
• Commodity Credit Corporation
This instrument is modifying an existing
11 Reverse Mortgage/Home Equity Con-
• National Consumer Cooperative Bank
mortgage and securing a new debt. Use
version Mortgage — tax is due on the
• U.S. Small Business Administration
the Supplemental Mortgage worksheet
expected total disbursements less inter-
(SBA)
(above) to determine the new debt sub-
est, mortgage insurance premiums, and
• Certified Development Companies
ject to tax. Use the current loan balance
lender service fees. (M.S. 287.05, subd.
• Farm Housing Assistance
for Line B.
6)
– USDA Rural Housing Service mort-
4 Limiting Clause
gage that secures a Section 502, 504,
12 Agricultural mortgage whose proceeds
The limiting clause can be used when a
514, 516 or Rural Rental Housing
are being used to acquire or improve
lender chooses to secure only a portion of
Preservation Direct Loan
Minnesota real property that is or will
the debt amount recited in the mortgage.
• Farm Credit Banks
be used for the production of agricul-
– Agribank, FCB
“Notwithstanding anything to the
tural products. Includes prior qualifying
• Federal Land Bank Associations
contrary herein, enforcement of this
loans that are being re-financed. Note:
– Ag Star Financial Services, FLCA
mortgage is limited to a debt amount of
The exemption does not apply to the
– Ag Country Farm Credit Services,
$…… under M.S. 287. ”
portion of the proceeds used for nonex-
FLCA
empt purposes (e.g., house, residential-
5 Decree of marriage dissolution or an
– Farm Credit Services of America,
use garage, machinery and seed).
instrument made pursuant to it.
FLCA
13 Mortgage encumbering real property
– United FCS, FLCA
6 Mortgage given to correct a misdescrip-
located within the boundaries of a feder-
tion of the mortgaged property.
16 If the above codes do not apply, use
ally recognized American Indian tribe
code 16 and explain on the lines pro-
7 Mortgage executed as part of a plan of
if the mortgagor (i.e., borrower) is (1)
vided below.
reorganization under a Chapter 11 or
the tribe or a member of the tribe; or (2)
Chapter 12 bankruptcy case. (Federal
purchasing the property from the tribe
bankruptcy codes 1146[c] and 1231[c])
or a member of the tribe and the mort-
gage is a purchase-money mortgage.
(Rev. 11/13)

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