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12-01-2006, 11:46 AM
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Junior Member
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Join Date: Dec 2006
4 posts, read 12,087 times
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How much are taxes?
I will be moving to Minneapolis in January. I'm trying to figure out what I can afford (for my apartment, car, etc) trying some various budgets. Can anybody give me an idea what the tax percentates are, so I'll now how much I have left of my income at the end of the month. Thanks!
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12-01-2006, 12:26 PM
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Senior Member
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Join Date: Nov 2006
Location: MN
144 posts, read 163,887 times
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Quote:
Originally Posted by amy364_2000
I will be moving to Minneapolis in January. I'm trying to figure out what I can afford (for my apartment, car, etc) trying some various budgets. Can anybody give me an idea what the tax percentates are, so I'll now how much I have left of my income at the end of the month. Thanks!
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Expect to pay about $3300/year in property taxes on a $225,000 house in Minneapolis (Minneapolis has the highest property taxes in the Twin Cities area).
Minnesota sales tax is 6.5%, but clothing and most types of food are exempt.
Minnesota gas tax is $0.22/gallon.
Minnesota income tax is around 7% for middle-income earners.
The city of Minneapolis also has an additional .5% sales tax and the downtown area has an additional 3% restaurant/liquor/"entertainment" tax.
Last edited by HKB; 12-01-2006 at 12:37 PM..
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12-01-2006, 01:17 PM
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Junior Member
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Join Date: Dec 2006
4 posts, read 12,087 times
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thanks for your response!
so if my salary is about $40,000/year, how much will be taken out in taxes (state, federal, fica, social security, etc.)?
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12-02-2006, 12:05 PM
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Senior Member
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Join Date: Dec 2006
Location: Minneapolis (Powderhorn)
2,582 posts, read 1,894,595 times
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depends on your exemptions
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01-26-2007, 08:11 AM
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Join Date: Jan 2007
Location: Aurora, C)
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What about Property tax / Sales tax in St. Paul? Do they tend to be lower than the city of Minneapolis?
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01-26-2007, 11:53 AM
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Senior Member
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Join Date: Dec 2006
Location: Minneapolis (Powderhorn)
2,582 posts, read 1,894,595 times
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By the way, it totally depends on the neighborhood too. I was recently looking at a house in Minneapolis and the property tax was $575/year. The house was listed at 170k or so but it was in the Phillips neighborhood...hence, low taxes.
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01-27-2007, 04:47 PM
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Senior Member
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"Still around"
(set 26 days ago)
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Join Date: Dec 2006
3,275 posts, read 2,354,212 times
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Quote:
Originally Posted by daniboi81
What about Property tax / Sales tax in St. Paul? Do they tend to be lower than the city of Minneapolis?
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St. Paul has a .5% sales tax. I don't know if Mpls has that or not. Anybody from across the river can answer that? My property tax is is $4500 for about 2200 square feet. I'm in Highland Pk. |
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