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S.F. No. 1526 - Multiple counties payment of tax collected by commissioner of revenue
 
Author: Senator Andrew Mathews
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 13, 2017



 

A portion of the mortgage registry tax is paid to the treasurer of the county in which the real property subject to mortgage is located. For real property in multiple counties, the tax is paid to the treasurer of the county in which the mortgage is first presented for recording. Under current law, for these multi-county mortgages, the county treasurer must calculate and pay a proportionate share of the county portion of the tax proceeds to each county in which the real property covered by the mortgage is located, if the principal amount of the debt exceeds $10 million.

This bill removes the requirement that the county calculate and distribute the proceeds for multi-county mortgages exceeding $10 million, and requires that the county receiving the tax forward it to the commissioner of revenue for division and payment to applicable counties.

 
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