Mansions for Sale in Minnesota

Search Mansions for Sale in Minnesota

General
Minnesota is located in the Midwestern region of the United States. The twelfth largest state by area in the U.S., it is the twenty-first most populous, with just over five million residents. Minnesota was carved out of the eastern half of the Minnesota Territory and admitted to the Union as the thirty-second state on May 11, 1858. Known as the "Land of 10,000 Lakes", the state's name comes from a Dakota word for "sky-tinted water". Those waters, together with forests, parks, and wilderness areas, offer residents and tourists a variety of outdoor recreational opportunities.

Economy
Once primarily a producer of raw materials, Minnesota's economy has transformed in the last 200 years to emphasize finished products and services. Perhaps the most significant characteristic of the economy is its diversity; the relative outputs of its business sectors closely match the United States as a whole. The economy of Minnesota had a gross domestic product of $234 billion in 2005. Thirty-three of the United States' top 1,000 publicly traded companies (by revenue in 2008) are headquartered in Minnesota, including Target, UnitedHealth Group, 3M, Medtronic, General Mills, U.S. Bancorp, and Best Buy. The largest privately owned U.S. company, Cargill, is headquartered in Minnetonka. Minnesota's state budget is currently facing a $935 million deficit.

The per capita income in 2005 was $37,290, the tenth-highest in the nation. The three-year median household income from 2002 to 2004 was $55,914, ranking fifth in the U.S. and first among the 36 states not on the Atlantic coast.

Taxes
Minnesota has a slightly progressive income tax structure; the three brackets of state income tax rates are 5.35%, 7.05% and 7.85%. Minnesota is ranked as the 6th highest in the nation for per capita total state taxes. The sales tax in Minnesota is 6.5%, but there is no sales tax on clothing, prescription medications, some services, or food items for home consumption. The state legislature may allow municipalities to institute local sales taxes and special local taxes, such as the 0.5% supplemental sales tax in Minneapolis. Excise taxes are levied on alcohol, tobacco, and motor fuel. The state imposes a use tax on items purchased elsewhere but used within Minnesota. Owners of real property in Minnesota pay property tax to their county, municipality, school district, and special taxing districts.

Search Mansions for Sale in Minnesota