Taconite, MN is a small town located in the northern part of the state. Its rural location provides a quiet and peaceful atmosphere for its inhabitants. The population is quite small, with only a few hundred people living in the town. Despite its size, Taconite has several local businesses that offer a variety of services. These include restaurants, grocery stores, banks, and hardware stores. The cost of living is relatively low in comparison to other parts of the US as well; 2 bedroom rent in Taconite is only $960 compared to an average of $1,430 in the US while the Grocery Cost Index is 95 as opposed to 100 across the country. Local companies such as Taconite Mercantile and Woodland Hardware provide great options for community members who want to shop and support local businesses.
Taconite has an unemployment rate of 6.2%. The US average is 6.0%.
Taconite has seen the job market increase by 2.3% over the last year. Future job growth over the next ten years is predicted to be 20.5%, which is lower than the US average of 33.5%.
Tax Rates for Taconite
- The Sales Tax Rate for Taconite is 8.4%. The US average is 7.3%.
- The Income Tax Rate for Taconite is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Taconite
- The average income of a Taconite resident is $23,385 a year. The US average is $28,555 a year.
- The Median household income of a Taconite resident is $61,591 a year. The US average is $69,021 a year.