Taxes in Lakeville, Minnesota
Complete tax guide for Lakeville, MN. State income tax up to 7.85%, 1.12% property tax, 9.09% sales tax. Calculate your total tax burden.
State Income Tax
7.85%
Minnesota
Property Tax
1.12%
Effective rate
Sales Tax
9.09%
Combined rate
Tax Burden
Moderate
Lakeville, MN Tax Overview
Population
69,490
Median Income
$82,700
Cost of Living
96.3 (100 = avg)
State Income Tax
7.85%
Median Home Price
$306,000
Lakeville Tax Calculator
Pre-filled with Lakeville median: $82,700
Total Tax Burden in Lakeville
$22,627
Take-Home: $60,074 · Effective Rate: 27.36%
Federal Tax
$9,808
11.86% eff.
MN State
$6,492
7.85% eff.
FICA
$6,327
7.65% eff.
Take-Home
$60,074
72.64% kept
Tax Breakdown
| Item | Annual | Monthly |
|---|---|---|
| Gross Income | $82,700.00 | $6,891.67 |
| Federal Income Tax | -$9,808.00 | -$817.33 |
| Minnesota State Tax | -$6,491.95 | -$541.00 |
| Social Security (6.2%) | -$5,127.40 | -$427.28 |
| Medicare (1.45%) | -$1,199.15 | -$99.93 |
| Take-Home Pay | $60,073.50 | $5,006.13 |
Property Tax in Lakeville
Median Home
$306,000
Annual Tax
$3,427
Monthly Tax
$286
Effective Rate
1.12%
Sales Tax in Lakeville
Combined Rate
9.09%
State Portion
~6.6%
Local Portion
~2.5%
The combined sales tax rate in Lakeville is 9.09%, which is above the national average of 7.12%. On a $100 purchase, you would pay $9.09 in sales tax.
Tax Burden Comparison
| Tax Type | Lakeville | Minnesota Avg | National Avg |
|---|---|---|---|
| Income Tax | 7.85% | 7.85% | 4.6% |
| Property Tax | 1.12% | ~1.12% | 1.1% |
| Sales Tax | 9.09% | ~9.09% | 7.12% |
| Overall Burden | Moderate | — | Moderate |
Tax Saving Tips for Lakeville Residents
- Minnesota's income tax rate of 7.85% is above average. Maximize pre-tax retirement contributions (401k up to $23,500, IRA up to $7,000) to reduce both federal and state taxable income.
- Property tax in Lakeville (1.12%) is above the national average. Check if you qualify for homestead exemptions or assessment appeals to reduce your property tax bill.
- The combined sales tax rate of 9.09% is relatively high. Consider making large purchases in lower-tax jurisdictions or online retailers that do not charge local tax rates.
- Use a Health Savings Account (HSA) if eligible. Contributions are tax-deductible ($4,300 individual, $8,550 family), growth is tax-free, and withdrawals for medical expenses are tax-free.
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See detailed state tax brackets, FICA breakdown, and compare to neighboring states.
Frequently Asked Questions
What are the tax rates in Lakeville, MN?
Lakeville, Minnesota has a state income tax rate up to 7.85%. The property tax rate is 1.12% and the combined sales tax rate is 9.09%.
How much is property tax in Lakeville?
The effective property tax rate in Lakeville is 1.12%. On the median home price of $306,000, this equals approximately $3,427 per year or $286 per month. This is above the national average of 1.1%.
What is the sales tax rate in Lakeville?
The combined sales tax rate in Lakeville is 9.09%, which includes both state and local components. This is above the national average combined rate of approximately 7.12%.
How does Lakeville's tax burden compare to other cities?
Lakeville has a moderate overall tax burden. The effective total tax rate for a median-income household is approximately 30%. The combination of 7.85% state income tax, 1.12% property tax, and 9.09% sales tax determines the total burden. Cost of living index is 96.3 (100 = national average).
Are there any local taxes in Lakeville?
Lakeville does not impose a separate local or city income tax. Residents pay the state income tax of 7.85%, federal income tax, and FICA (Social Security and Medicare).