Lexington, Indiana Property Taxes
The median property tax rate in Lexington, IN is 0.90%, slightly below the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lexington at $102,550, the typical annual property tax bill amounts to $929, which is significantly lower than the national median of $2,690. Property taxes in Lexington are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Lexington's property tax system, exploring available exemptions, and identifying potential reductions can lead to substantial annual savings. Whether you're in the heart of Lexington or another part of Scott County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lexington, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$923
Ownwell’s Lexington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lexington, Indiana
Property taxes in Lexington, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lexington's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47138 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Lexington provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
0.90%
Average Scott County Tax Rate
0.93%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47138 | 0.39% | 0.67% | 0.90% | 1.69% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Indiana
In Lexington, Indiana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Scott County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lexington, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Lexington is $102,550, with tax bills ranging from $468 at the 25th percentile to $2,687 at the 90th percentile. The zip code with the highest median tax bill is 47138, with a median bill of $929. Being aware of these valuation processes in Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lexington Assessed Value
$102,550
Average Scott County Assessed Value
$98,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47138 | $28,870 | $51,000 | $102,550 | $174,875 | $250,380 |
Source: Ownwell
Property Tax Bills Across Lexington, Indiana
In Lexington, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the assessed value, including the home's market value, location, and any improvements or renovations made to the property. For homeowners in Lexington, the median home price is $102,550. Tax bills can vary significantly, with the 25th percentile at $468 and the 75th percentile at $1,751. At the 90th percentile, tax bills can reach up to $2,687. These figures show a wide range of tax burdens depending on the property's specifics and assessed value. Compared to the national median property tax rate of 0.99%, Lexington's tax rates can be relatively moderate, offering some relief to homeowners. However, the actual impact on individual homeowners can vary widely based on their property's assessed value and the specific tax rate applied.
Average Lexington Tax Bill
$929
Average Scott County Tax Bill
$1,013
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47138 | $202 | $468 | $929 | $1,751 | $2,687 |
Source: Ownwell