Here’s the latest real estate news around Minnesota of interest to property buyers, home sellers, renters, landlords, property managers and the generally home-curious.
10 Most and Least Tax-Friendly States for Seniors. Along with Utah, North Dakota, Rhode Island, and Vermont – Minnesota rounds out the bottom five least tax-friendly states for seniors according to Wallet Hub. The common thread? All tax social security and pensions. State sales taxes were higher too within the bottom five, with Minnesota imposing an average combined tax rate of 7.43 percent and Utah taxing groceries at 3 percent.
Minnesota needs to get a handle on rising property taxes. Minnesota’s annual property tax early warnings — officially known as Truth-in-Taxation notices — have landed in homeowners’ mailboxes and many householders are feeling a wave of sticker shock. On average, the state’s preliminary forecast says, Minnesota property taxpayers will be asked to pony up 5.7 percent more in 2019 than they did this year.
Experts: Filing Taxes In Minnesota Could Be More Complicated Than Usual. Filing your taxes in Minnesota could be more complicated than usual in 2019. After the federal tax overhaul bill was passed in 2017, the governor vetoed a measure that would adopt the same changes.
The Housing Market That’s Heating Up. Quoting other sources, the report stated that Minnesota was ranked at #3 and #5 best state to live in by CNBC and 24/7 Wall Street, respectively. The rankings are based on key indicators such as poverty rates, life expectancy, population growth, unemployment rates, education, crime rates and quality of life. Have you checked out our FREE report on how to find your dream home at a rock bottom price? Sign up here.
Rent or buy? How the housing slowdown affects your answer. One way to help you decide whether to buy or to rent is to evaluate local market conditions through the lens of the price-to-rent ratio (similar to price-to-earnings ratio on stocks). The basic idea is that the rental and homeownership markets compete for your shelter money. Home prices in a geographic area are sometimes attractive compared to the cost of renting while at other times renting is the financially smarter move.
Here’s our top tip of the week: The Top 5 Items to Replace or Upgrade in Every Rental Property You Buy. Here are the top 5 things you should seriously consider replacing or upgrading whenever you acquire a new investment property, regardless of their condition. Sick of renters or repairs? Get an offer on your home from us instead. Call us 612-470-3789 or click here.