Minnesota vs New Mexico Taxes: Income, Property & Sales

Does Minnesota or New Mexico have lower taxes? We answer that in a variety of ways below:

Minnesota vs New Mexico Income Tax Comparison

	Minnesota	New Mexico
Income Tax Rates & Thresholds	5.35%: $0-$28,080 6.80%: $28,081-$92,230 7.85%: $92,231-$171,220 9.85%: $171,221+	1.70%: $0-$5,500 3.20%: $5,501-$11,000 4.70%: $11,001-$16,000 4.90%: $16,001-$210,000 5.90%: $210,001+
Median Income	$90,390	$56,420
Income Tax Paid On Median Household Income	$17,516	$7,031
Income After Tax Based on Median Household Income	$72,874	$49,389

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Minnesota vs New Mexico Property Tax Comparison

	Minnesota	New Mexico
Average Property Tax Rate	0.90%	0.60%
Average House Price By State	$336,279	$293,766
Average Property Tax Owed Per Year	$3,027	$1,763
Income After Income Taxes & Property Taxes Based On Median State Household Income	$69,847	$47,626

Minnesota vs New Mexico Sales Tax Comparison

	Minnesota	New Mexico
Average State Sales Tax	6.88%	5.13%
Average Local Sales Tax Across the State	0.61%	2.71%
Average Combined Sales Tax Rate	7.49%	7.84%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$4,867	$3,462
Maximum Disposable Income Based on Median Household Income	$64,980	$44,164

After Tax Comparison Earning $40,000 Per Year Filing As Single

	Minnesota	New Mexico
Income Tax Owed	$4,490	$4,086
After Tax Income	$35,510	$35,914
Income After Income & Property Tax	$32,483	$34,151
Maximum Disposable Income After Income, Property & Sales Taxes	$30,220	$31,669

After Tax Comparison Earning $60,000 Per Year Filing As Single

	Minnesota	New Mexico
Income Tax Owed	$8,763	$7,994
After Tax Income	$51,237	$52,006
Income After Income & Property Tax	$48,210	$50,243
Maximum Disposable Income After Income, Property & Sales Taxes	$44,851	$46,591

After Tax Comparison Earning $80,000 Per Year Filing As Single

	Minnesota	New Mexico
Income Tax Owed	$14,523	$13,374
After Tax Income	$65,477	$66,626
Income After Income & Property Tax	$62,450	$64,863
Maximum Disposable Income After Income, Property & Sales Taxes	$58,099	$60,148

After Tax Comparison Earning $100,000 Per Year Filing As Single

	Minnesota	New Mexico
Income Tax Owed	$20,283	$18,754
After Tax Income	$79,717	$81,246
Income After Income & Property Tax	$76,690	$79,483
Maximum Disposable Income After Income, Property & Sales Taxes	$71,347	$73,705

After Tax Comparison Earning $100,000 Per Year Filing As Married Filing Jointly

	Minnesota	New Mexico
Income Tax Owed	$12,931	$11,704
After Tax Income	$87,069	$88,296
Income After Income & Property Tax	$84,042	$86,533
Maximum Disposable Income After Income, Property & Sales Taxes	$78,186	$80,242

After Tax Comparison Earning $150,000 Per Year Filing As Married Filing Jointly

	Minnesota	New Mexico
Income Tax Owed	$26,386	$24,209
After Tax Income	$123,614	$125,791
Income After Income & Property Tax	$120,587	$124,028
Maximum Disposable Income After Income, Property & Sales Taxes	$112,185	$115,012

After Tax Comparison Earning $200,000 Per Year Filing As Married Filing Jointly

	Minnesota	New Mexico
Income Tax Owed	$40,903	$37,659
After Tax Income	$159,097	$162,341
Income After Income & Property Tax	$156,070	$160,578
Maximum Disposable Income After Income, Property & Sales Taxes	$145,195	$148,904

After Tax Comparison Earning $250,000 Per Year Filing As Married Filing Jointly

	Minnesota	New Mexico
Income Tax Owed	$56,747	$52,028
After Tax Income	$193,253	$197,972
Income After Income & Property Tax	$190,226	$196,209
Maximum Disposable Income After Income, Property & Sales Taxes	$176,971	$181,945

FAQ

Does Minnesota or New Mexico have lower income taxes?

Minnesota’s income tax falls into the following range:

• 5.35%: $0-$28,080
• 6.80%: $28,081-$92,230
• 7.85%: $92,231-$171,220
• 9.85%: $171,221+

Whereas New Mexico’s income tax is the following

• 1.70%: $0-$5,500
• 3.20%: $5,501-$11,000
• 4.70%: $11,001-$16,000
• 4.90%: $16,001-$210,000
• 5.90%: $210,001+

Does Minnesota or New Mexico have lower property taxes?

Minnesota has an average property tax rate of 0.90%

In comparison, New Mexico has an average property tax rate of 0.60%

Does Minnesota or New Mexico have lower sales taxes?

Minnesota has a state sales tax rate of 6.88% and an average local rate of 0.61% for a combined total rate of 7.49%.

In contrast, New Mexico has a state sales tax rate of 5.13% and an average local rate of 2.71% for a combined total rate of 7.84%.

Do you get to keep more money in Minnesota or New Mexico?

Based on median household income after income, property and sales taxes Minnesota gives you a maximum amount of disposable income of $64,980

In comparison, New Mexico gives you $44,164.

More Comparisons:

Minnesota vs Nebraska
Minnesota vs Idaho
Minnesota vs West Virginia
Minnesota vs Hawaii
Minnesota vs New Hampshire

Sources:

https://en.wikipedia.org/wiki/State_income_tax#Rates_by_jurisdiction

https://www.bankrate.com/real-estate/property-tax-by-state/#by-state

https://fred.stlouisfed.org/release/tables?eid=259515&rid=249

https://www.fool.com/the-ascent/research/average-house-price-state/

https://taxfoundation.org/data/all/state/2022-sales-taxes/

https://www.forbes.com/advisor/income-tax-calculator/