Scott County Assessor Michael Thompson updated members of the Prior Lake City Council on current housing trends and how they will impact future taxes paid by residents.

Thompson presented information on current trends during the council’s April 14 work session that preceded its regular meeting held twice each month. This year is Prior Lake’s turn for a city-wide, house-by-house review by the assessor’s office which could include a physical inspection to be done with or without a visit into the residence.

Approximately 20% of all properties within Scott County are reviewed each year. The information gathered is used to determine the estimated market value of a home which leads to how much each homeowner will be paying for taxes.

Thompson said the median home value in Prior Lake currently runs between $433,600 and $445,050. The median annual tax bill paid by local residents is approximately $4,200 to $4,256. For year 2026, the Prior Lake City Council had approved a tax levy increase totaling 7.46%.

Thompson also gave a detailed presentation to the council on the timeline of fixed interest mortgage rates, median home valuations and statistics regarding how many days homes are on the market once they are listed for sale and are foreclosures.

Much of the information provided by Thompson, including an interactive searchable map by specific address, can be found at: https://gis.co.scott.mn.us/sg3