Property tax, transfer tax and closing costs in Minnesota

Minnesota: State deed tax of 0.33% of consideration (0.34% in Hennepin and Ramsey counties). Mortgage registry tax of 0.23% of the mortgage (0.24% in Hennepin and Ramsey). Seller customarily pays the deed tax. Buyer customarily pays the mortgage registry tax. Annual assessment as of January 2, with physical review at least every five years.

Reviewed October 15, 2026. Every line links its statute or official source.

What Minnesota sets

Transfer tax: State deed tax of 0.33% of consideration (0.34% in Hennepin and Ramsey counties). Mortgage registry tax of 0.23% of the mortgage (0.24% in Hennepin and Ramsey). Source: revenue.state.mn.us
Who customarily pays: Seller customarily pays the deed tax. Buyer customarily pays the mortgage registry tax. Source: revenue.state.mn.us
Local transfer taxes: Hennepin and Ramsey counties add 0.01% environmental response fund tax. Source: revenue.state.mn.us
Reassessment cycle: Annual assessment as of January 2, with physical review at least every five years. Source: revenue.state.mn.us
Homestead and other exemptions: Homestead market value exclusion of up to $38,000 for homes under $95,000, phasing out at $517,200 (2025). Source: revenue.state.mn.us
Owner’s title policy: Not stated. No official source confirmed this yet.
How closings run: Title company closings are customary. Source: mn.gov
Survey: Not stated. No official source confirmed this yet.
Other closing customs: Not stated. No official source confirmed this yet.

Minnesota transfer tax on a $329,000 sale

State deed taxseller pays$1,085.70$329,000 × 0.33% = $1,085.70

seller pays: $1,085.70
Total transfer tax: $1,085.70

Statutory transfer taxes on a $329,000 sale, as of the reviewed date. Who pays is custom and contract outside the statute’s primary liability. Local taxes described above are not in this figure unless listed as a line. Recording fees, title and attorney charges are separate.

Open the Minnesota transfer tax calculator, with a link to share and an embed for your site.

Typical property tax in Minnesota

Median real-estate tax paid: $3,357 a year
Per month: $280
Median owner-occupied home value: $329,300
Effective rate they imply: 1.02%

Census American Community Survey five-year file, 2020-2024, tables B25103 and B25077, owner-occupied homes. The median bill rose 34% against the 2015-2019 file. An estimate for a typical home, not yours. Your bill depends on the parcel, its exemptions and the next reassessment.

For agents

Your buyers ask what closing costs in Minnesota and who pays. This page answers from the statute, with the date it was checked. Send it, or embed the calculator on your own site.

Ike lets a licensed real estate agent originate the mortgage on the deals they already close. Expected compensation is about 100 basis points per eligible funded loan once licensed and sponsored. Ike is preparing licenses state by state.

See if you qualify

Get the yearly update for your farm area

One email when Minnesota rates, exemptions or transfer taxes change, and when the next reassessment lands.

Sources

Ike Mortgage LLC. NMLS ID pending. For licensing information, go to: www.nmlsconsumeraccess.org. Nothing on this page is a loan payment, rate, term or down payment, and nothing here is a Loan Estimate.