Buying a home in Minnesota

Property taxes, transfer taxes, home values and first-time buyer help in Minnesota.

Effective property tax rate

1.02%

Median tax $3,357 ÷ median value $329,300 (ACS 2020–2024)

Typical home value

$350,752

Zillow ZHVI, 2026-08

State transfer tax

0.33%

Usually paid by: seller. Minn. Stat. § 287.21 (deed tax). Official source. Local taxes may add more.

Estimated buyer closing costs Estimate

$2,800–$4,600

On a $350,752 home: typical lender fees + title insurance + deed recording (TallyClose) + the buyer’s share of transfer/recording taxes. Excludes prepaids, escrow and local taxes.

At Minnesota's effective rate of 1.02%, a typical $350,752 home would owe about $3,578/year ($298/month) in property taxes. Actual bills depend on your county, city and exemptions. Run your numbers.

First-time homebuyer programs

Minnesota Housing

Your state housing finance agency offers down payment assistance and low-rate mortgages for eligible buyers. Visit Minnesota Housing →

Sources: U.S. Census Bureau ACS 2020–2024 5-year (B25103, B25077); Zillow Home Value Index; TallyClose closing-cost dataset (CC BY 4.0), which cites each state statute; NCSHA HFA directory. Last updated 2026-10-15.