Minnesota (MN) property tax rate: 1.02% | Median home: $315,000 | Median annual tax: $3,213
Minnesota is a highly educated Midwest state with a strong job market. The average effective property tax rate in Minnesota is 1.02%, which is near the national average of 1.1%.
On the median Minnesota home valued at $315,000, annual property taxes come to approximately $3,213 or $268/month. This is a significant part of your total housing cost and should be factored into any home purchase budget.
Pro tip: Minnesota offers a Homestead Market Value Exclusion that reduces taxable value.
Combined with Minnesota's state income tax rate of 9.85%, homeowners should consider the total tax picture. Property taxes in Minnesota are manageable and in line with regional averages.
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Minnesota has an average effective property tax rate of 1.02%. On the median home value of $315,000, that equals approximately $3,213 per year or $268 per month.
Property taxes in Minnesota are calculated by multiplying your home assessed value by the local tax rate. The assessed value may differ from market value depending on your county assessment ratio. Exemptions like homestead exemptions can reduce your taxable value.
Minnesota offers a Homestead Market Value Exclusion that reduces taxable value.
Minnesota property taxes are near the national average of 1.1%. This means property tax costs are predictable and in line with most states.
Property tax due dates vary by county in Minnesota. Most counties offer semi-annual payments. Check with your county tax assessor office for specific due dates. Late payments typically incur penalties of 1-2% per month.