HF 1506

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:51am

A bill for an act
relating to taxation; deed tax; exempting certain deeds from the deed tax;
amending Minnesota Statutes 2008, section 287.22.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2008, section 287.22, is amended to read:

287.22 EXEMPTIONS.

The tax imposed by section 287.21 does not apply to:

(1) an executory contract for the sale of real property under which the purchaser is
entitled to or does take possession of the real property, or any assignment or cancellation
of the contract;

(2) a mortgage or an amendment, assignment, extension, partial release, or
satisfaction of a mortgage;

(3) a will;

(4) a plat;

(5) a lease, amendment of lease, assignment of lease, or memorandum of lease;

(6) a deed, instrument, or writing in which the United States or any agency or
instrumentality thereof is the grantor, assignor, transferor, conveyor, grantee, or assignee;

(7) a deed for a cemetery lot or lots;

(8) a deed of distribution by a personal representative;

(9) a deed to or from a co-owner partitioning their undivided interest in the same
piece of real property;

(10) a deed or other instrument of conveyance issued pursuant to a permanent school
fund land exchange under section 92.121 and related laws;

(11) a referee's or sheriff's certificate of sale in a mortgage or lien foreclosure sale;

(12) a referee's, sheriff's, or certificate holder's certificate of redemption from a
mortgage or lien foreclosure sale issued under section 580.23 or other statute applicable to
redemption by an owner of real property;

(13) a deed, instrument, or writing which grants, creates, modifies, or terminates
an easement;

(14) a decree of marriage dissolution, as defined in section 287.01, subdivision 4,
or a deed or other instrument between the parties to the dissolution made pursuant to the
terms of the decree; deleted text begin and deleted text end

(15) a transfer on death deed under section 507.071 new text begin ; and
new text end

new text begin (16) the first $400,000 of a deed granted to an individual, or to the individual and the
individual's spouse, on real property constituting their principal residence new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for deeds recorded on or after July
1, 2009.
new text end