Closing Costs In Shoreview: Deed & Mortgage Taxes 101

Buying or selling a home in Shoreview and trying to pin down the true cost to close? Two small but important line items often surprise people: Minnesota’s deed tax and the mortgage registry tax, plus a tiny Ramsey County add‑on. If you understand what each one covers, who typically pays, and how to calculate them, you can plan your budget with confidence. In this guide, you’ll learn the current Shoreview rates, see clear examples at common price points, and get practical tips to avoid last‑minute surprises. Let’s dive in.

Know your Shoreview closing taxes

Deed tax basics

The deed tax applies when the property’s ownership transfers and the deed is recorded. The tax is based on the consideration listed on the deed, which is most often the purchase price. In Minnesota custom, sellers usually pay this tax, but your purchase agreement can assign it differently. Always check your contract and confirm on the closing disclosure.

Mortgage registry tax basics

The mortgage registry tax applies when a mortgage is recorded to secure a loan. The tax is based on the amount of the mortgage being recorded, not the purchase price. Buyers usually pay this tax since it is tied to their financing, although contract terms can shift responsibility. If there is more than one mortgage recorded, each mortgage amount is taxed separately.

Ramsey County’s ERF add‑on

Because Shoreview is in Ramsey County, a small Environmental Response Fund (ERF) surcharge is added to both the deed tax and the mortgage registry tax. You do not calculate this separately. It is included in the effective rates below.

Current rates in Shoreview

For transactions in Shoreview (Ramsey County), the effective rates are:

• Deed tax: 0.34% of the purchase price (0.0034)
• Mortgage registry tax: 0.24% of the mortgage amount (0.0024)

How to calculate:

• Deed tax owed = Purchase price × 0.0034
• Mortgage registry tax owed = Mortgage amount × 0.0024

These rates already reflect the county ERF add‑on. Rates are set by statute and can change, so verify current numbers with your title company or the county recorder when you prepare estimates.

Who typically pays what

• Sellers commonly pay the deed tax. This follows Minnesota custom, but the purchase agreement controls.
• Buyers typically pay the mortgage registry tax. Since it is tied to the buyer’s financing, it is usually on the buyer’s side of the closing disclosure.
• Negotiable in the contract. If you are writing or reviewing an offer, be sure the agreement clearly states who pays which taxes so there are no surprises later.

Quick examples for Shoreview closings

Below are sample calculations using the effective Ramsey County rates. For mortgage examples, you will see both a loan equal to the full purchase price and a typical 80% loan‑to‑value scenario.

• Purchase price: $200,000

  • Deed tax: 200,000 × 0.0034 = $680.00
  • Mortgage tax (full price mortgage): 200,000 × 0.0024 = $480.00
  • Mortgage tax (80% LTV = $160,000): 160,000 × 0.0024 = $384.00

• Purchase price: $350,000

  • Deed tax: 350,000 × 0.0034 = $1,190.00
  • Mortgage tax (full price): 350,000 × 0.0024 = $840.00
  • Mortgage tax (80% LTV = $280,000): 280,000 × 0.0024 = $672.00

• Purchase price: $500,000

  • Deed tax: 500,000 × 0.0034 = $1,700.00
  • Mortgage tax (full price): 500,000 × 0.0024 = $1,200.00
  • Mortgage tax (80% LTV = $400,000): 400,000 × 0.0024 = $960.00

• Purchase price: $750,000

  • Deed tax: 750,000 × 0.0034 = $2,550.00
  • Mortgage tax (full price): 750,000 × 0.0024 = $1,800.00
  • Mortgage tax (80% LTV = $600,000): 600,000 × 0.0024 = $1,440.00

• Purchase price: $1,000,000

  • Deed tax: 1,000,000 × 0.0034 = $3,400.00
  • Mortgage tax (full price): 1,000,000 × 0.0024 = $2,400.00
  • Mortgage tax (80% LTV = $800,000): 800,000 × 0.0024 = $1,920.00

Use these as templates. Swap in your actual purchase price and the exact mortgage amount on your loan estimate to create a personalized figure.

Special scenarios to watch

Multiple mortgages or financing layers

If you use a primary mortgage and a second mortgage or home equity loan at closing, the mortgage registry tax is charged on each mortgage recorded. The same applies to construction loans or certain types of seller financing. Your title company will calculate the tax for each instrument.

Refinancing your Shoreview home

In a refinance, you are recording a new mortgage to replace the old one, so the mortgage registry tax typically applies to the new loan amount. Deed tax is not charged unless ownership is actually transferred. Your lender and title company will give you exact figures ahead of closing.

Exemptions and special transfers

Certain transfers can be exempt from deed tax under Minnesota law. Examples can include some transfers to government, specific probate or bankruptcy conveyances, and some transfers between spouses. These situations are fact‑specific and often require documentation at recording. If you think you may qualify, bring it up early with your title company so they can confirm requirements.

Rounding and recording rules

Recording offices may have administrative rules for rounding or minimum fees in addition to taxes. Your title or closing agent will factor these into your final cash‑to‑close figure and show them on the closing disclosure.

Who collects and remits

At a typical Shoreview closing, your title company collects the deed tax and the mortgage registry tax along with other recording fees. They remit the correct amounts when they record the deed and mortgage with Ramsey County.

How these taxes appear on your Closing Disclosure

• Buyer side: You will usually see the mortgage registry tax listed with other recording and lender fees. If you negotiated for the seller to pay, it will appear as a seller credit to you or a seller‑paid cost on your form.
• Seller side: The deed tax commonly appears in the government fees section on your side of the disclosure. If the buyer agreed to pay, it will show as a buyer charge or a credit to you.
• Cash to close: Because these are percentage‑based, small price or loan changes can shift the amounts. Review your final figures as soon as the closing package arrives and ask your closer to walk through the line items with you.

Budgeting tips for a smoother Shoreview closing

• Run the math early. Use the simple formulas in this guide to estimate your deed and mortgage taxes as soon as you have a price range and loan estimate.
• Clarify who pays in the offer. Spell out responsibility for deed tax and mortgage registry tax in your purchase agreement. Clear terms reduce confusion later.
• Watch for multiple mortgages. If your financing includes a second loan, remember that the mortgage registry tax applies to each mortgage recorded.
• Confirm with your title company. Ask for a fee breakdown that includes Ramsey County’s ERF component so you can see the effective rate used.
• Expect minor adjustments. Final numbers can shift with prorations, credits, and last‑minute lender changes. Build a small buffer into your budget.

Plan your next steps

Whether you are buying your first Shoreview home or selling a long‑time residence, understanding deed and mortgage taxes makes your closing more predictable. If you want help estimating your totals for a specific address and price point, or you would like a second set of eyes on your net sheet, reach out. You will get clear numbers, timely communication, and a calm, detail‑oriented process from offer to keys.

Ready to navigate your Shoreview closing with confidence? Let’s talk about your next move with Unknown Company.

FAQs

What are deed and mortgage taxes in Shoreview?

• In Shoreview, transactions are subject to Minnesota’s deed tax on the purchase price and a mortgage registry tax on the mortgage amount, each with a small Ramsey County ERF add‑on included in the effective rates.

What are the current Shoreview rates for these taxes?

• The effective rates are 0.34% of the purchase price for deed tax and 0.24% of the mortgage amount for mortgage registry tax.

Who usually pays deed tax and mortgage registry tax in Minnesota?

• By custom, sellers typically pay deed tax and buyers usually pay mortgage registry tax. Your purchase agreement can assign these differently.

How do I estimate the mortgage registry tax if I have a down payment?

• Multiply your actual mortgage amount by 0.0024. For example, if you buy at $500,000 with an 80% loan of $400,000, the mortgage tax is $400,000 × 0.0024 = $960.

Do I pay mortgage registry tax on a refinance in Shoreview?

• Yes, recording a new mortgage for a refinance generally triggers mortgage registry tax on the new loan amount. Deed tax is not charged unless ownership transfers.

What if I take two mortgages at closing?

• The mortgage registry tax applies to each mortgage recorded. Your title company will calculate the tax on both amounts.

Are there exemptions from the deed tax?

• Some transfers may qualify for exemptions, such as certain government transfers, probate or bankruptcy conveyances, or transfers between spouses. Discuss potential exemptions with your title company early so they can verify documentation.