Lexington, Missouri Property Taxes
The median property tax rate in Lexington, MO is 0.92%, slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With the median home value in Lexington at $120,200, the typical annual property tax bill is $1,087, which is much less than the national median of $2,690. Property taxes in Lexington are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Navigating Lexington's property tax system, exploring available exemptions, and finding opportunities for reductions can lead to substantial yearly savings. Whether you're in the heart of Lexington 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
Lexington, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,106
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, Missouri
Property taxes in Lexington, Missouri, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 0.92%, 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 Missouri and the national median. For comparison, the zip code 64067 has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these areas compare with Lexington provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
0.92%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64067 | 0.91% | 0.91% | 0.92% | 0.95% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Missouri
In Lexington, Missouri, 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 local 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 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. Being aware of these valuation processes in Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lexington both stand at $1,087, specifically in the 64067 zip code.
Average Lexington Assessed Value
$120,200
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64067 | $47,480 | $74,750 | $120,200 | $152,150 | $171,320 |
Source: Ownwell
Property Tax Bills Across Lexington, Missouri
In Lexington, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the home's market value. Homeowners in Lexington face a median property tax bill of $1,087, with the 25th percentile paying around $688 and the 75th percentile paying approximately $1,387. Those in the 90th percentile can expect to pay up to $1,567. The property tax rate in Lexington is influenced by various factors, including local government budgets and public service needs. This rate is then applied to the assessed value to determine the final tax bill. Compared to the national median property tax rate of 0.99%, Lexington's property tax rate can be considered relatively moderate. For homeowners, this means that property taxes can significantly impact annual expenses. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Lexington Tax Bill
$1,087
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64067 | $449 | $688 | $1,087 | $1,387 | $1,567 |
Source: Ownwell