Effective January 1, 2020, buyers of real property must file a Certificate of Real Estate Value in the county where the property is located if the sale price or other consideration is more than $3,000 and the deed is a:
Contract for Deed
Quit Claim Deed
If the price is $3,000 or less, you do not have to file a Certificate of Real Estate Value.
Consideration Threshold Changes
Two law changes that go into effect January 1, 2020.
The consideration amount that determines the minimum Deed Tax ($1.65 or $1.70 for Hennepin and Ramsey counties) increases to $3,000.
The consideration amount that determines when an Electronic Certificate of Real Estate Value (eCRV) must be filed increases to $3,001.
$1.65 or $1.70
$3,001 and above
Consideration amount x
.0033 or .0034
We recommend you put the following statement on the transfer document to indicate when an eCRV is not required:
This deed transfers real property in exchange for $3,000 or less of consideration.