Prior Lake, Scott County, Minnesota Property Taxes
Median Prior Lake, MN effective property tax rate: 0.99%, slightly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Prior Lake, MN home value: $445,050
Median annual Prior Lake, MN tax bill: $4,256, $1,856 higher than the national median property tax bill of $2,400.
How are property taxes in Scott County calculated?
Property taxes in Prior Lake, 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 Prior Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Prior Lake, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Prior Lake, Scott County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.99%
Estimate Property Tax Bill
$4,406
$4,089
Property Tax Rates Across Prior Lake, Scott County, Minnesota
Local government entities are responsible for setting tax rates, which can vary widely within a state. The process involves each county estimating the budget necessary to provide services and dividing it by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is essentially the annual process.
In Prior Lake, located in Scott County, MN, the effective property tax rate is 0.99%, which aligns with the highest and lowest median tax rates in the area. This rate is slightly below the national median property tax rate of 1.02%. Homeowners in Prior Lake benefit from a property tax bill that is competitive when compared to the national median property tax bill of $2,400.
Comparing Prior Lake's effective property tax rate to other cities in Minnesota, it becomes evident that the rate is consistent with the state’s median, providing local homeowners with a predictable and stable tax environment. This stability can be an attractive factor for potential homebuyers considering a move to the area.
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 Prior Lake Tax Rate
0.99%
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 Scott County Tax Rate
1.07%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Prior Lake, Scott County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55372 | 0.81% | 0.94% | 0.99% | 1.03% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Prior Lake, Scott County, Minnesota
When examining property taxes in Prior Lake, 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 Scott 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.
Assessment notices: In Scott County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Prior Lake.
For example, the median home price in Prior Lake is $445,050, with tax bills ranging significantly across the county. 55372 has the highest median home price at $445,050.
Property Tax Assessment Values Across Prior Lake, Scott County, Minnesota
Source: Ownwell
$302,200
$478,575
$654,950
Median Prior Lake Market Value
$445,050
Median Scott County Market Value
$388,100
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Prior Lake, Scott County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55372 | $270,500 | $339,300 | $445,050 | $619,800 | $909,900 |
Source: Ownwell
Property Tax Bills Across Prior Lake, Scott County, Minnesota
Median Prior Lake Tax Bill
$4,256
Median Scott County Tax Bill
$4,100
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Prior Lake, Scott County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55372 | $2,380 | $3,230 | $4,256 | $5,968 | $9,190 |
Source: Ownwell