Lakeville, Dakota County, Minnesota Property Taxes
Median Lakeville, MN effective property tax rate: 1.08%, slightly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Lakeville, MN home value: $436,200
Median annual Lakeville, MN tax bill: $4,788, $2,388 higher than the national median property tax bill of $2,400.
How are property taxes in Dakota County calculated?
Property taxes in Lakeville, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Lakeville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lakeville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lakeville, Dakota County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.08%
Estimate Property Tax Bill
$4,711
$4,372
Property Tax Rates Across Lakeville, Dakota County, Minnesota
Local government entities are responsible for setting property tax rates, which can vary significantly within a state. Each year, counties determine their required budget to fund services and divide that by the total value of all taxable property in their area. This calculation results in the property tax rate. While the process involves votes and laws for setting rates and budgets, this is the essence of the annual procedure.
In Lakeville, located in Dakota County, the effective property tax rate is 1.08%. This rate is slightly above the national median property tax rate of 1.02% but is consistent with the median rate for Minnesota. The uniformity in Lakeville's tax rate indicates a stable fiscal approach within the county, ensuring that property owners are contributing fairly to the community's needs.
Comparing Lakeville’s property tax rate to other cities in Minnesota and the broader U.S. context highlights the city’s competitive positioning. Property owners in Lakeville benefit from a rate that supports essential services while remaining aligned with state and national trends.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lakeville Tax Rate
1.08%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Dakota County Tax Rate
1.06%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lakeville, Dakota County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55044 | 1.00% | 1.06% | 1.08% | 1.12% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Lakeville, Dakota County, Minnesota
When examining property taxes in Lakeville, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Dakota County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Dakota County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lakeville. For example, the median home price in Lakeville is $436,200, with tax bills ranging significantly across the county. Zip code 55044 has the highest median home price at $436,200.
Property Tax Assessment Values Across Lakeville, Dakota County, Minnesota
Source: Ownwell
$9,600
$684,300
$1,359,000
Median Lakeville Market Value
$436,200
Median Dakota County Market Value
$344,300
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lakeville, Dakota County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55044 | $174,460 | $331,600 | $436,200 | $539,700 | $634,280 |
Source: Ownwell
Property Tax Bills Across Lakeville, Dakota County, Minnesota
Median Lakeville Tax Bill
$4,788
Median Dakota County Tax Bill
$3,728
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Lakeville, Dakota County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55044 | $2,524 | $3,674 | $4,788 | $5,912 | $7,082 |
Source: Ownwell