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Minnesota has an effective property tax rate of 1.02%, producing an average annual bill of $2,915. The US national average is 1.07% — Minnesota's rate is near the national average, placing it at rank #25 out of 50 states (rank 1 = lowest).
Minnesota assesses all property at 100% of market value. The state then applies class rates to determine net tax capacity — for homesteads, the first $500,000 is taxed at 1% and values above that at 1.25%. This is the taxable base before local mills are applied.
The Homestead Market Value Credit (HMVC) and the Property Tax Refund (PTR) programs work together: the PTR provides refunds to homeowners and renters whose property taxes exceed a percentage of their income. Up to $2,700/year in refunds are available for qualifying homeowners.
No direct statewide cap on assessment increases, though the class rate system provides mild progressivity (higher rates on higher-value properties).
Minnesota's property tax system is among the most complex in the US, with multiple layers of credits, refunds, and class rates. The Twin Cities metro carries the highest dollar bills; rural areas are very affordable.
The median home value in Minnesota is $315,000. Twin Cities has seen moderate appreciation since 2020. The market is more balanced than coastal cities, with steady demand from strong employment in healthcare, finance, and technology. At the 1.02% effective rate, a homeowner at the median value pays roughly $2,915/year in property taxes.
Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.
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