Escrow & Title
In Minnesota, the deed tax is $1.65 per $500 of consideration (or fraction thereof). What is the deed tax on a $187,500 sale?
A$618.75✓ Correct
B$617.10
C$495.00
D$742.50
Explanation
Number of $500 units = $187,500 / $500 = 375 units. Deed tax = 375 x $1.65 = $618.75. The Minnesota deed tax (also called the state deed tax or SDT) is paid at closing and is typically the seller's responsibility. It is based on the consideration stated in the deed.
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