The average Minnesotan is estimated to spend over $1M on taxes in their lifetime

The average Minnesotan is estimated to spend over $1M in taxes during their lifetime, and Minnesota has been ranked high for tax burden concerning personal income and property taxes. Reports indicate potential increases, projecting an estimated $430,000 increase between 2024 and 2026. To manage these costs, experts recommend proactive planning, utilizing tools like Roth 401(k)s, or checking eligibility for a state homestead property tax refund.