2025 Session
Last amended: 2001 session
§ 287.035 — Imposition of Tax
Plain-Language Summary
Establishes special mortgage registry tax rules for modifications and amendments of existing mortgages, distinguishing between taxable and nontaxable changes.
287.035 IMPOSITION OF TAX.
A tax is imposed on the privilege of recording a mortgage. The tax rate is .0023 of the debt or portion of a debt that is secured by any recorded mortgage of real property located in this state. The person liable for the tax is the mortgagor. The tax is not imposed on the lawful interest amounts that may accrue with respect to a debt.
History:
1999 c 31 s 3; 1Sp2001 c 5 art 7 s 24
History: History: 1999 c 31 s 3; 1Sp2001 c 5 art 7 s 24
Practical Notes
Not every change to a mortgage triggers additional tax. Simple extensions, rate changes, and certain property substitutions may qualify as nontaxable amendments.