Lakeville, Rice County, Minnesota Property Taxes
Last Updated March 1, 2025
Lakeville, Rice County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.79%
Estimate Property Tax Bill
$2,072
$1,923
Property Tax Rates Across Lakeville, Rice County, Minnesota
Local government entities are responsible for setting property tax rates, which can vary significantly within a state. Each year, counties estimate the budget needed to provide essential services and divide this figure by the total assessed value of all taxable properties in their jurisdiction. This calculation determines the property tax rate. The process involves votes and laws, but this is the annual routine in essence.
In Lakeville, located in Rice County, Minnesota, the effective property tax rate is a crucial factor for homeowners. The median property tax rate in Minnesota is 0.79%, which is lower than the national median of 1.02%. This lower rate can ease the financial burden on property owners, making Lakeville an attractive place for potential homeowners. When compared to other cities within Minnesota and the U.S., Lakeville's property tax rate offers a competitive advantage. Understanding these rates and how they compare can help homeowners make informed decisions about property investments and appeals.
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
0.79%
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 Rice County Tax Rate
0.89%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lakeville, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55044 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Lakeville, Rice 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 Rice County Assessor's Office 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.
Assessment notices: In Rice 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 $262,300, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Lakeville, Rice County, Minnesota
Source: Ownwell
$209,200
$353,950
$498,700
Median Lakeville Market Value
$262,300
Median Rice County Market Value
$294,900
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lakeville, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55044 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Lakeville, Rice County, Minnesota
In Lakeville, located in Rice County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in Lakeville is $262,300, which plays a crucial role in determining the property tax bill. The tax rate in Rice County, MN, is aligned with the national median property tax rate of 1.02%, resulting in a typical tax bill around $2,064. This amount is consistent across various percentiles, indicating a stable property tax environment.
Factors influencing the tax bill include the assessed home value and applicable local tax rates. Homeowners in Lakeville might find their tax bills considerably higher than the national median tax bill of $2,400 due to the specific tax rate and home values in the region. Ownwell offers valuable assistance to homeowners by providing property tax appeal services. By analyzing property assessments and identifying potential discrepancies, Ownwell helps homeowners potentially lower their tax bills, ensuring they pay only what's necessary.
Median Lakeville Tax Bill
$2,064
Median Rice County Tax Bill
$2,471
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Lakeville, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55044 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell