Tax Burden in ZIP Code 55401
Minneapolis, MN — Hennepin County
At the median income of $58,000, the estimated total tax burden in ZIP 55401 is $16,295 (28.1% effective rate), including federal income tax, FICA, and property tax.
Federal Tax (est.)
$8,120
FICA
$4,437
Property Tax
$3,738
Total Tax Burden
$16,295
28.1% effective
Tax Details for ZIP 55401
ZIP code 55401 is located in Hennepin County, MN, within the Minneapolis MSA metropolitan area. The area has a cost of living index of 105 (100 = national average), close to the national average.
The effective property tax rate is 1.15%. On the median home price of $325,000, this equals $3,738 per year ($311/month).
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