Lakeville, Minnesota Property Taxes
The median property tax rate in Lakeville, MN is 0.96%, slightly lower than the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lakeville, the typical annual property tax bill reaches $6,150, significantly exceeding the national median of $2,690. Property taxes in Lakeville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lakeville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lakeville or another part of the city, understanding 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
0.96%
Estimate Property Tax Bill
$6,288
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 0.96%, which is slightly lower 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 both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Lakeville provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeville Tax Rate
0.96%
Average Scott County Tax Rate
1.07%
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 | 0.73% | 0.91% | 0.96% | 1.03% | 1.10% |
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 Scott 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 $654,950, with the highest and lowest median tax bills both recorded at $6,150 in the 55044 zip code.
Average Lakeville Assessed Value
$654,950
Average Scott County Assessed Value
$388,100
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 | $445,150 | $532,875 | $654,950 | $793,650 | $963,450 |
Source: Ownwell
Property Tax Bills Across Lakeville, Minnesota
In Lakeville, Scott County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value, reflecting the estimated selling price of the property. Several factors influence this valuation, including the size of the property, its location, and any improvements made. Once the assessed value is established, the local tax rate is applied to determine the tax bill. For example, with a median home price of $654,950, homeowners can expect to pay varying amounts depending on their specific situation. The tax bill for the 25th percentile is around $4,675, while those in the 75th percentile might pay approximately $7,898. At the 90th percentile, the tax bill can reach up to $9,568. These property taxes fund essential community services such as schools, public safety, and infrastructure. Homeowners in Lakeville should be aware of these factors as they significantly impact their annual financial obligations.
Average Lakeville Tax Bill
$6,150
Average Scott County Tax Bill
$4,100
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 | $3,648 | $4,675 | $6,150 | $7,898 | $9,568 |
Source: Ownwell