Dexter, Kentucky Property Taxes
The median property tax rate in Dexter, KY is 1.08%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Dexter at $153,000, the typical annual property tax bill reaches $1,649, which is below the national median of $2,690. Property taxes in Dexter are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dexter's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Dexter or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dexter, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$1,652
Ownwell’s Dexter Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Dexter with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dexter 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 Dexter, Kentucky
Property taxes in Dexter, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dexter is 1.08%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Dexter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dexter 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 Dexter's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42036 zip code has the highest median property tax rate of 1.08%, while the same 42036 zip code also has the lowest median tax rate of 1.08%. Understanding how these areas compare with Dexter provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dexter Tax Rate
1.08%
Average Marshall County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dexter, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42036 | 1.08% | 1.08% | 1.08% | 1.08% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Dexter, Kentucky
In Dexter, Kentucky, 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 Marshall County Appraisal District 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 Dexter, 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. Being aware of these valuation processes in Dexter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Dexter are both $1,649 for the zip code 42036.
Average Dexter Assessed Value
$153,000
Average Marshall County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dexter, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42036 | $153,000 | $153,000 | $153,000 | $153,000 | $153,000 |
Source: Ownwell
Property Tax Bills Across Dexter, Kentucky
In Dexter, located in Marshall County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Dexter face a median property tax bill of $1,649, which is notably higher than the national median property tax rate of 0.99%. This tax bill is consistent across various percentiles, indicating a uniform approach to property taxation within the city. The factors considered in determining the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, this means that their annual tax bill is directly tied to the market value of their property. Higher assessed values result in higher tax bills, impacting household budgets and overall affordability. Understanding these factors is crucial for homeowners to anticipate their financial obligations and manage their property investments effectively.
Average Dexter Tax Bill
$1,649
Average Marshall County Tax Bill
$728
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Dexter, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42036 | $1,649 | $1,649 | $1,649 | $1,649 | $1,649 |
Source: Ownwell