Finance
What is the Minnesota deed tax (transfer tax) rate?
A$0.50 per $500 of value
B$1.10 per $1,000 of value
C$1.65 per $500 of value✓ Correct
D$3.30 per $1,000 of value
Explanation
Minnesota imposes a deed tax (transfer tax) of $1.65 per $500 of net consideration (purchase price less any assumed mortgage).
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Math Concepts
State-Specific Concepts
Transfer Tax
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