Deed tax is calculated on the purchase price of the property, less any assumed mortgages and special assessments and taxes included in the purchase price. The rate of tax is $1.65 for each $500 of purchase price. Deed tax is due and payable to the Faribault County Auditor/Treasurer at the time the deed is being presented for recording. If you are buying this property on a contract for deed and are not receiving the deed now, you do not owe deed tax at this time. You will be required to pay deed tax when you receive the deed for the property.
For questions on deed tax you may contact the Faribault County Auditor/Treasurer at (507)526-6260 or click on the link to the Minnesota Department of Revenue
see form M20.