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 to its current look.  This includes the opening of another room for the shelving of the junior fiction and non-fiction material, as well as young adult and some adult books. The room had been the library's small meeting room.

The library added on a much larger meeting room, almost twice the size as the main library. It is large enough for two users at the same time by using the speciall- included room divider.  Each side of the new addition has a full size television for conferencing, etc  An added plus to the new addition is a much larger kitchenette area with full size refrigerator and microwave.

The Lake View Library was orginally housed in a small room in the town's municipal building in what is now the secretary's office. The library was then moved to what is now the town council meeting room before being built in it's present location.