2003 Minnesota Statutes

     287.21 Imposition of tax; determination of tax. 

    Subdivision 1.    Determination of tax.  (a) A tax is 
 imposed on each deed or instrument by which any real property in 
 this state is granted, assigned, transferred, or otherwise 
 conveyed.  The tax applies against the net consideration. 

    (b) The tax is determined in the following manner:  (1) 
 when transfers are made by instruments pursuant to mergers, 
 consolidations, sales, or transfers of substantially all of the 
 assets of the entities as defined in section 287.20, subdivision 
 9, pursuant to plans of reorganization, the tax is $1.65; (2) 
 when there is no consideration or when the consideration, 
 exclusive of the value of any lien or encumbrance remaining 
 thereon at the time of sale, is $500 or less, the tax is $1.65; 
 or (3) when the consideration, exclusive of the value of any 
 lien or encumbrance remaining at the time of sale, exceeds $500, 
 the tax is .0033 of the net consideration. 

    (c) The tax is due at the time a taxable deed or instrument 
 is presented for recording. 

    Subd. 2. Repealed, 1999 c 31 s 26 

    Subd. 3.  Expired 

    Subd. 4. Repealed, 1999 c 31 s 26 

    HIST: 1961 c 647 s 1; Ex1967 c 32 art 11 s 1; 1969 c 399 s 24; 
 1973 c 118 s 1; 1Sp1985 c 14 art 11 s 5; 1987 c 268 art 14 s 15; 
 1987 c 403 art 2 s 149; 1988 c 719 art 19 s 13; 1990 c 480 art 7 
 s 23; 1993 c 375 art 3 s 39; 1999 c 31 s 12; 1Sp2001 c 5 art 7 s 
 30