Lakeville, Scott County, Minnesota Property Taxes
Median Lakeville, MN effective property tax rate: 0.96%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Lakeville, MN home value: $654,950
Median annual Lakeville, MN tax bill: $6,150, $3,750 higher than the national median property tax bill of $2,400.
How are property taxes in Scott 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, Scott County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.96%
Estimate Property Tax Bill
$6,288
$5,835
Property Tax Rates Across Lakeville, Scott County, Minnesota
Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.
In Lakeville, located in Scott County, Minnesota, the effective property tax rate is 0.96%. This rate is slightly below the national median property tax rate of 1.02%. Notably, Lakeville's rate is consistent across the region, indicating a uniform approach to tax assessment within the area. Despite being below the national median, Lakeville’s property tax rate is reflective of the state’s median, which stands at 0.96%. This suggests a stable and predictable tax environment for property owners in Lakeville compared to other regions in the U.S. where rates can fluctuate more significantly. Understanding these nuances can help property owners make informed decisions about their investments and financial planning.
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
0.96%
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 Lakeville, Scott County, 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, Scott 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 Scott 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.
In Scott 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 $654,950, with tax bills ranging significantly across the county. Zip code 55044 has the highest median home price at $654,950.
Property Tax Assessment Values Across Lakeville, Scott County, Minnesota
Source: Ownwell
$302,200
$478,575
$654,950
Median Lakeville Market Value
$654,950
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 Lakeville, Scott County, 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, Scott County, Minnesota
In Lakeville, Scott County, MN, property tax bills are determined by the assessed value of a home and the local tax rate. The median home price in Lakeville stands at $654,950, significantly higher than the national median, leading to a corresponding increase in property tax bills. Homeowners here face a median tax bill of $6,150, which is substantially above the national median of $2,400. This higher tax burden can be attributed to the region's higher property values. The tax bill can vary widely, with the 25th percentile at $4,675 and the 75th percentile reaching $7,898, reflecting the diversity in property values within the area.
Factors such as property improvements, neighborhood developments, and local government budgets can further influence tax assessments. Homeowners can find these taxes burdensome, especially when property values rise. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions, ensuring they pay only their fair share. By leveraging expertise in local tax regulations, Ownwell helps reduce the financial impact of property taxes on homeowners.
Median Lakeville Tax Bill
$6,150
Median Scott County Tax Bill
$4,100
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Lakeville, Scott County, 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