what are mortgage registry taxes

Guest 0.10 Dollars($)

Hi,
I want to know about mortgage registry taxes and who had to pay.

Guest 0.10 Dollars($)

Hi,
It is a tax based upon the amount of debt secured by a mortgage of real property and is imposed for the purpose of recording the mortgage.

Guest 0.10 Dollars($)

Hi Kurt, as far as I know the borrower has to pay the MRT.

Jessica · Posted: Thu Jan 26, 2006 5:15 pm Post subject:

Hi Kurt,
There are few more facts about Mortgage Registry Taxes like,

It is calculated at the rate of 0.23 percent of total debt secured and the lender usually collects the tax at closing and is responsible for remitting it to the county treasurer when the mortgage is recorded.

In addition to it, there are also a few exemptions available and the tax does not apply to:

A mortgage given to correct a misdescription of the mortgaged property.

A mortgage or other instrument that adds additional security for the same debt for which mortgage registry tax has been paid.

A contract for the conveyance of any interest in real property, including a contract for deed.

The principal amount of a mortgage loan made under a low and moderate income or other affordable housing program, if the mortgagee is a federal, state, or local government agency.

A mortgage amendment or extension.

An agricultural mortgage if the proceeds of the loan secured by the mortgage are used to acquire or improve real property.

Do let us know if you have any other question.

Regards,
Jessica

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