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Last Updated: 4/6/2018

Severance of Joint Tenancy

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Deed Tax

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A deed from co-owners that severs a joint tenancy, with the intent that the former owners hold the real property as tenants in common, is subject to Deed Tax. Each of the parties is giving up a contingent future estate in the other party’s half-interest.

The tax is based on the consideration the parties have set for the transaction. When the consideration is less than $ 500, the tax is  $1.65 ($1.70 Hennepin/Ramsey Counties).