Lakeville, Minnesota Property Taxes
The median property tax rate in Lakeville, MN is 0.79%, which is notably lower than both the national median of 0.99% and Minnesota's state median of 1.11%. With a median home value of $262,300 in Lakeville, the typical annual property tax bill amounts to $2,064, falling below the national median of $2,690. Property taxes in Lakeville are calculated based on the tax assessed value, which often comes in lower than the market value due to exemptions such as those for primary residences and agricultural land. Gaining a thorough understanding of Lakeville's property tax system, exploring available exemptions, and seeking opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of Lakeville or in another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lakeville, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$2,072
Ownwell’s Lakeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lakeville, Minnesota
Property taxes in Lakeville, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeville is 0.79%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lakeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeville estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lakeville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55044 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Lakeville provides valuable insights into the varying tax landscape across Rice County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeville Tax Rate
0.79%
Average Rice County Tax Rate
0.89%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55044 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Lakeville, Minnesota
In Lakeville, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Rice County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lakeville, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Lakeville is $262,300, and the median property tax bill is $2,064, which is notably higher than the national median property tax rate of 0.99%. Notably, the zip code 55044 has both the highest and lowest median tax bills, each at $2,064. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Lakeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lakeville Assessed Value
$262,300
Average Rice County Assessed Value
$294,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55044 | $262,300 | $262,300 | $262,300 | $262,300 | $262,300 |
Source: Ownwell
Property Tax Bills Across Lakeville, Minnesota
In Lakeville, Rice County, MN, property tax bills are determined by assessing the market value of a property and applying the local tax rate to that value. The median home price in Lakeville stands at $262,300. Property taxes are calculated by multiplying the assessed value of the property by the local tax rate set by various taxing authorities, including county, city, and school districts. The tax bill is influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the median property tax bill in Lakeville is $2,064, which is higher than the national median property tax rate of 0.99%. This means that homeowners in Lakeville may pay a significant amount in property taxes, impacting their overall cost of homeownership. Understanding these factors can help homeowners anticipate their tax liabilities and manage their finances more effectively.
Average Lakeville Tax Bill
$2,064
Average Rice County Tax Bill
$2,471
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55044 | $2,064 | $2,064 | $2,064 | $2,064 | $2,064 |
Source: Ownwell