Taxes in Richfield, Minnesota
Complete tax guide for Richfield, MN. State income tax up to 7.85%, 1.14% property tax, 7.13% sales tax. Calculate your total tax burden.
State Income Tax
7.85%
Minnesota
Property Tax
1.14%
Effective rate
Sales Tax
7.13%
Combined rate
Tax Burden
Moderate
Richfield, MN Tax Overview
Population
36,396
Median Income
$76,800
Cost of Living
94.3 (100 = avg)
State Income Tax
7.85%
Median Home Price
$302,000
Richfield Tax Calculator
Pre-filled with Richfield median: $76,800
Total Tax Burden in Richfield
$20,414
Take-Home: $56,386 · Effective Rate: 26.58%
Federal Tax
$8,510
11.08% eff.
MN State
$6,029
7.85% eff.
FICA
$5,875
7.65% eff.
Take-Home
$56,386
73.42% kept
Tax Breakdown
| Item | Annual | Monthly |
|---|---|---|
| Gross Income | $76,800.00 | $6,400.00 |
| Federal Income Tax | -$8,510.00 | -$709.17 |
| Minnesota State Tax | -$6,028.80 | -$502.40 |
| Social Security (6.2%) | -$4,761.60 | -$396.80 |
| Medicare (1.45%) | -$1,113.60 | -$92.80 |
| Take-Home Pay | $56,386.00 | $4,698.83 |
Property Tax in Richfield
Median Home
$302,000
Annual Tax
$3,443
Monthly Tax
$287
Effective Rate
1.14%
Sales Tax in Richfield
Combined Rate
7.13%
State Portion
~4.6%
Local Portion
~2.5%
The combined sales tax rate in Richfield is 7.13%, which is above the national average of 7.12%. On a $100 purchase, you would pay $7.13 in sales tax.
Tax Burden Comparison
| Tax Type | Richfield | Minnesota Avg | National Avg |
|---|---|---|---|
| Income Tax | 7.85% | 7.85% | 4.6% |
| Property Tax | 1.14% | ~1.14% | 1.1% |
| Sales Tax | 7.13% | ~7.13% | 7.12% |
| Overall Burden | Moderate | — | Moderate |
Tax Saving Tips for Richfield Residents
- Minnesota's income tax rate of 7.85% is above average. Maximize pre-tax retirement contributions (401k up to $23,500, IRA up to $7,000) to reduce both federal and state taxable income.
- Property tax in Richfield (1.14%) is above the national average. Check if you qualify for homestead exemptions or assessment appeals to reduce your property tax bill.
- Use a Health Savings Account (HSA) if eligible. Contributions are tax-deductible ($4,300 individual, $8,550 family), growth is tax-free, and withdrawals for medical expenses are tax-free.
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See detailed state tax brackets, FICA breakdown, and compare to neighboring states.
Frequently Asked Questions
What are the tax rates in Richfield, MN?
Richfield, Minnesota has a state income tax rate up to 7.85%. The property tax rate is 1.14% and the combined sales tax rate is 7.13%.
How much is property tax in Richfield?
The effective property tax rate in Richfield is 1.14%. On the median home price of $302,000, this equals approximately $3,443 per year or $287 per month. This is above the national average of 1.1%.
What is the sales tax rate in Richfield?
The combined sales tax rate in Richfield is 7.13%, which includes both state and local components. This is above the national average combined rate of approximately 7.12%.
How does Richfield's tax burden compare to other cities?
Richfield has a moderate overall tax burden. The effective total tax rate for a median-income household is approximately 29.7%. The combination of 7.85% state income tax, 1.14% property tax, and 7.13% sales tax determines the total burden. Cost of living index is 94.3 (100 = national average).
Are there any local taxes in Richfield?
Richfield does not impose a separate local or city income tax. Residents pay the state income tax of 7.85%, federal income tax, and FICA (Social Security and Medicare).