[quote=sdseeker]I am curious about the taxes (both property and income) compare to California. Could you share the approx. % for each?[/quote]
MN is a high property tax state compared to the national average. But by that I mean the property tax as a percentage of the property value–around 2 – 3%.
But since property prices are about half what a similar house would cost in a major CA city, you will end up paying about the same dollar amount.
Our Prop 13 keeps our total property taxes at about 1.2% (with bonded debt) of the property value.
MN income taxes are a bit above the national average, but not as steeply progressive as California’s. Our $48,000 per year earner pays a marginal rate of over 9% on any additional income. This is higher than millionaires pay in most states.
