Dexter, Madison County, Iowa Property Taxes
The median property tax rate in Dexter, IA is 1.21%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Dexter at $205,150, the typical annual property tax bill reaches $2,404, slightly 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, such as 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, Madison County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$2,482
$2,304
Ownwell’s Dexter Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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, Madison County, Iowa
Property taxes in Dexter, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dexter is 1.21%, higher than both the Iowa 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 Iowa and the national median. For comparison, the 50070 zip code has the highest median property tax rate of 1.21%, while the 50070 zip code has the lowest median tax rate of 1.21%. Understanding how these cities compare with Dexter provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dexter Tax Rate
1.21%
Average Madison County Tax Rate
1.44%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dexter, Madison County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50070 | 1.08% | 1.13% | 1.21% | 1.28% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Dexter, Madison County, Iowa
In Dexter, Iowa, 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 Madison 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 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 median tax bill in Dexter is $2,404 in the 50070 zip code, while the lowest median tax bill is also $2,404 in the same zip code.
Property Tax Assessment Values Across Dexter, Madison County, Iowa
Source: Ownwell
$27,000
$230,650
$434,300
Average Dexter Assessed Value
$205,150
Average Madison County Assessed Value
$216,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dexter, Madison County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50070 | $84,550 | $144,075 | $205,150 | $300,800 | $402,350 |
Source: Ownwell
Property Tax Bills Across Dexter, Madison County, Iowa
In Dexter, located in Madison County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the home's size, age, location, and market conditions. Homeowners in Dexter can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is approximately $1,742, while the 75th percentile tax bill reaches around $3,552. At the higher end, the 90th percentile tax bill can be as much as $4,337. These figures are reflective of the assessed values and the specific tax rate applied within Madison County. Compared to the national median property tax rate of 0.99%, homeowners in Dexter may find their tax rates to be competitive, though individual circumstances can lead to variations. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Dexter Tax Bill
$2,404
Average Madison County Tax Bill
$3,138
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Dexter, Madison County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50070 | $929 | $1,742 | $2,404 | $3,552 | $4,337 |
Source: Ownwell