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Dakota Times

Tuesday, November 5, 2024

Kiplinger names Minnesota as not tax friendly state

Taxes

Kiplinger reports that Minnesota is not a tax-friendly state due to high property taxes and a high income tax rate.

Minnesota has an income tax rate of 9.85 percent that it rolled out in 2013 and its lowest income tax rate is 5.35 percent.

Kiplinger also noted the state has a 6.875 percent state levy and that municipalities within the state can add up to 2 percent with an average rate of 7.43 percent. Clothing and footwear are exempt from the rate.

Those who make less than $25,890 for single filers or $37,850 for joint filers pay 5.35 percent on income tax, while those who make more than $160,020 for single filers or $266,700 for joint filers pay 9.85 percent, Kiplinger reports.

The average resident in the state pays $1,224 in taxes per $100,000 of their assessed home value and 6.5 percent sales tax on vehicles.

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