The provision that allowed Hennepin and Ramsey counties to collect additional State Deed Tax and Mortgage Registration Tax expired on January 1, 2008. There was a provision to continue the increased rates proposed last year which was vetoed by Governor Tim Pawlenty.
The result: Hennepin and Ramsey counties are now in sync with the rest of Minnesota counties in charging $3.30/1,000 for State Deed Tax and $2.30/1,000 for Mortgage Registration Tax.
With the slow down in the market that is sure to continue into 2008, this is welcome news for home owners in the process of selling their Minneapolis home this year.
