Lakeville, Minnesota Property Taxes
The median property tax rate in Lakeville, MN is 1.08%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $436,200 in Lakeville, the typical annual property tax bill is $4,788, significantly surpassing the national median of $2,690. Property taxes in Lakeville are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lakeville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Lakeville or another part of Dakota County, grasping 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
1.08%
Estimate Property Tax Bill
$4,711
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, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeville is 1.08%, higher than 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 55044 zip code has the median property tax rate of 1.08%. Understanding how these cities compare with Lakeville provides valuable insights into the varying tax landscape across Dakota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeville Tax Rate
1.08%
Average Dakota County Tax Rate
1.06%
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 | 1.00% | 1.06% | 1.08% | 1.12% | 1.19% |
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 Dakota 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. By understanding the distinction between 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. The median home price in Lakeville is $436,200, with the 25th percentile tax bill at $3,674 and the 75th percentile tax bill at $5,912. The highest and lowest median tax bill is $4,788 in zip code 55044.
Average Lakeville Assessed Value
$436,200
Average Dakota County Assessed Value
$344,300
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 | $174,460 | $331,600 | $436,200 | $539,700 | $634,280 |
Source: Ownwell
Property Tax Bills Across Lakeville, Minnesota
Property tax bills in Lakeville, Dakota County, MN are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. In Lakeville, the median home price is $436,200, which serves as a baseline for understanding property taxes in the area. Homeowners in the 25th percentile can expect a tax bill of around $3,674, whereas those in the 75th percentile may see a bill closer to $5,912. For properties in the 90th percentile, tax bills can go up to $7,082. These property taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Lakeville's property tax bills reflect the community's investment in maintaining a high standard of living.
Average Lakeville Tax Bill
$4,788
Average Dakota County Tax Bill
$3,728
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 | $2,524 | $3,674 | $4,788 | $5,912 | $7,082 |
Source: Ownwell