Minnesota housing costs at a glance
| Minnesota | |
|---|---|
| Median home value (Zillow) | $356,000 |
| Average effective property tax | 0.99% |
| Typical rate for a new buyer (calculator default) | 1.1% |
| Average homeowners insurance ($300k dwelling) | $2,676 a year |
| 2026 conforming loan limit (one unit) | $832,750 |
Example: median-priced home
Minnesota home for $356,000, 20% down, 6.5% 30-year fixed: principal and interest $1,800 + property tax $326 + insurance $223 = about $2,349 a month. Enter your own rate quote and the actual tax rate of the property for a precise figure.
Minnesota property tax
Minnesota's average effective rate is about 0.99% of value. Homesteads are classed at a lower rate than other property and get the homestead market value exclusion, which reduces the taxable value of homes worth up to about $517,000. Lower- and middle-income owners can also get money back through the Homestead Credit Refund (Form M1PR).
Minnesota closing costs
- Deed tax: 0.33% of the price, usually paid by the seller.
- Mortgage registry tax: 0.24% of the loan amount, usually paid by the buyer.
- Insurance: about $2,680 a year on average, largely because of hail.
Other states
See also the Minnesota paycheck calculator and mortgage costs in other states.
Frequently asked questions
What is the property tax rate in Minnesota?
About 0.99% of home value on average.
What is the monthly payment on a median-priced Minnesota home?
On a $356,000 home with 20% down at 6.5%, principal and interest are about $1,800; with property tax at 1.1% and average insurance the total is about $2,349 a month.
What are the deed tax and mortgage registry tax in Minnesota?
The deed tax is 0.33% of the price (seller) and the mortgage registry tax 0.24% of the loan (buyer).
What is the Minnesota Homestead Credit Refund?
A refund of part of the property tax for homeowners whose income is below the program limit, claimed on Form M1PR.
For information only; not a loan offer. Property tax, insurance and closing costs depend on the specific property and lender.
Sources
- Minnesota Department of Revenue – property tax
- FHFA – 2026 conforming loan limits
- U.S. Census Bureau ACS 2024 – real estate taxes (via NAHB / Construction Coverage)
- Zillow Home Value Index
- Insurify – home insurance by state
Rules checked: October 2026