![]() ![]() If you want to learn more about Minnesota Homestead, click here. Homestead Exclusion – Minnesota does have a property tax exclusion if you homestead your property. Property Taxes in Minnesota – the average property tax rate for residential property in the state of Minnesota is 1.10, which is a high property tax as far as a percent of a taxpayer’s main home. Note: groceries and clothing are exempt from sales tax in Minnesota. The state rate is 6.875% the average local rate is 0.61% (total average rate for Minnesota Sales Tax is 7.49%). Sales Taxes – Like many states, Minnesota has multiple sales tax rates. One at the state level and another at the local level. Here is a link to the Minimum Fee Tax Brackets – Click Here. The fee is based on your Business’ Apportionment which are the values of: Property, Capitalized Rents, Payroll, and Gross Receipts all added together. The Minimum Fee ranges between $0 and $10,810, based on the value of your Apportionment. In addition to a business tax on C Corporations, all business entities must also pay a Minimum Fee. In other words, the business tax is only accessed on C Corporations. Minnesota’s state tax is a flat tax of 9.80% on all net income. For business entities, such as S Corporations, Partnerships, LLCs, etc., since they flow-thru to the owner, the tax is paid at the individual tax rate. The state of Minnesota does have a business income tax. The highest bracket of 9.85% starts for income greater than $183,340. The state of Minnesota does have an individual income tax. Like most states with income tax, it is calculated on a marginal scale, with four (4) tax brackets. State Taxes at a Glance – Minnesota Type of Tax ![]()
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