Minnesota variant. This is a Minnesota-specific version of the Property Tax Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Property Tax Calculator.
Minnesota's effective property tax rate of 1.05% means the owner of a median $340,000 home pays roughly $3,570 per year - a figure that varies widely by state.
How Minnesota property tax is calculated
Property tax = assessed value × local millage rate. The 1.05% effective rate shown here is the statewide average of tax paid relative to market value, which smooths over county-by-county differences.
On the $340,000 Minnesota median home, that works out to about $3,570/year or $298/month - often escrowed into your mortgage payment.
About taxes and housing in Minnesota
Minnesota has a graduated income tax with a high top rate approaching 10%.
Minnesota property taxes are near the national average and include a state-funded homestead credit refund for eligible owners.
Minnesota hosts an unusually large number of Fortune 500 headquarters and has a diverse economy spanning healthcare, retail, and agriculture.
Worked example: tax on a $340,000 home
$340,000 × 1.05% = $3,570 per year. A $500,000 home in Minnesota would owe about $5,250 annually at the same effective rate.
Quick reference
- State income tax: 5.35-9.85% across 4 brackets
- State sales tax: 6.875% (plus 1.17% avg local)
- Median home value: $340,000
- Median household income: $84,313
- Effective property tax rate: 1.05%
- Avg auto insurance: $1,500/yr
Frequently Asked Questions
What is the property tax rate in Minnesota?
Minnesota's effective property tax rate averages 1.05% of market value per year.
How much property tax on a $340,000 home in Minnesota?
About $3,570 per year at the 1.05% effective rate.