The present building, located at 202 Main Street, was built in 1987 on land donated by the late Beryl Lierman, wife of the late Dr. C. E. Lierman, whose medical building is next door to the library. A plaque listing donors, city council members, and library Board of Trustees at that time can be seen in the entry foyer.

In 2020, a sizable donation from the Phillips estate provided the means to enlarge the library. This included adding shelving for the junior fiction and non-fiction material, as well as young adult and some adult books in the area that had previously been the library's small meeting room.  And the library added a much larger meeting room.  At almost twice the size as the main library, it is large enough for two users at the same time, using the room divider.  Each side of the new addition has a full-size television for conferencing.  A much larger kitchenette area with full-size refrigerator and microwave is a welcome addition.

The Lake View Library was orginally housed in the town's municipal building--first in what is now the secretary's office and then in what is now the town council meeting room--before being built in its present location.