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Old 12-01-2006, 10:46 AM
 
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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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Old 12-01-2006, 11:26 AM
HKB
 
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Quote:
Originally Posted by amy364_2000 View Post
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!
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 11:37 AM..
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Old 12-01-2006, 12:17 PM
 
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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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Old 12-02-2006, 11:05 AM
 
Location: Minneapolis, MN
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depends on your exemptions
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Old 01-26-2007, 07:11 AM
 
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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Old 01-26-2007, 10:53 AM
 
Location: Minneapolis, MN
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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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Old 01-27-2007, 03:47 PM
 
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Originally Posted by daniboi81 View Post
What about Property tax / Sales tax in St. Paul? Do they tend to be lower than the city of Minneapolis?
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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