MN SF4304

Repeals the state mortgage registry tax imposed at a rate of 0.23% of mortgage debt and all related provisions in Minnesota Statutes Chapter 287.

Repeals additional mortgage and deed taxes that Hennepin and Ramsey Counties were authorized to impose under sections 383A.80 and 383B.80, with authority expiring January 1, 2028.

Replaces the repealed taxes with a $5 per transaction fee on mortgage recordings and a $5 per transaction fee on deed recordings in metropolitan counties with agricultural preservation programs.

Allocates the new fees with 50% deposited to a special conservation account in the county general revenue fund and 50% transferred to the state commissioner of revenue.

Effective date of July 1, 2020 for mortgages and deeds recorded on or after that date.