MN HF4308

Repeals the state mortgage registry tax (section 287.035) imposed at a rate of .0023 of the debt amount, effective for mortgages recorded on or after July 1, 2020

Repeals additional mortgage and deed taxes imposed by Hennepin and Ramsey Counties (sections 383A.80 and 383B.80) that each taxed mortgages and deeds at .0001 of the principal/amount

Replaces state and county mortgage taxes with a $5 per transaction fee for counties that are metropolitan counties, allow agricultural zones, or are agricultural land preservation pilot counties, with half deposited locally and half to the state

Changes fee from "additional" to standard fee in statute section 40A.152, subdividing revenue collection between county conservation accounts and the state treasury

Removes references to the repealed mortgage registry tax from the statute while maintaining the regulatory framework for fee collection and allocation