With the Minnesota real estate tax due on July 1, many of us have been wondering when the new year will bring new taxes.
If the new tax rates are anywhere close to the previous ones, this could be a good time to check on your taxes.
We’ll update this article as soon as we know more.
Here’s a look at the new taxes for 2018.
The Minnesota real-estate tax rate will increase from 4.9% to 5.9%.
The increase will apply to all property that is worth $500,000 or more, and is located within the City of Minneapolis.
The new rate is also $200,000 for single-family residences.
Here are the new residential property tax rates for 2018:The residential property-tax rate will go up from 5.8% to 6.8%.
The residential rate will also increase to 8.8%, which is an increase of 2.5%.
In Minneapolis, the residential property rate is now $300,000, which is $20,000 higher than the rate from 2019.
There are a few exceptions to this increase.
The property will be exempt from the residential rate if it is within the city limits of Minneapolis, and it is not less than 1,500 square feet.
The value of the property will remain at $300 million.
The maximum property tax rate is 9.8%; the maximum amount of assessed value is $3.6 million.
There is no limit to how much the residential tax can increase.
For more information, visit mnrealtodata.gov.
You can find out more about property taxes by visiting mnresidentialpropertytax.com.