Heat a large frypan over medium-high heat. Cook and stir the mince until the meat is crumbly, evenly browned and no longer pink, about 5 minutes. Stir in 1 cup (250ml) water and taco seasoning. Reduce heat to low and simmer until reduced, about 10 minutes. Remove from heat and set aside.
Preheat an oven to 180 degrees C.
Place the cream cheese and 1/4 cup (65ml) water in a microwave-safe glass or ceramic bowl; heat in the microwave, stirring occasionally until softened and easily spread, 1 to 2 minutes.
Spread the cooled mince on the bottom of a 20cm round cake pan or baking dish then spread the cream cheese mixture over the meat. Pour the salsa in an even layer over the cream cheese and top with the Cheddar cheese.
Bake in the preheated oven until the cheese melts and is bubbly, about 15 minutes.