Dexter, Minnesota Property Taxes
The median property tax rate in Dexter, MN is 0.95%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Dexter at $241,300, the typical annual property tax bill reaches $2,287, which is lower than 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, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$2,292
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, Minnesota
Property taxes in Dexter, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dexter is 0.95%, which is slightly below 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 Minnesota and the national median. For comparison, the zip code 55926 has both the highest and lowest median property tax rate of 0.95%. Understanding how Dexter compares with other areas provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dexter Tax Rate
0.95%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dexter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55926 | 0.29% | 0.64% | 0.95% | 1.25% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Dexter, Minnesota
In Dexter, Minnesota, 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 Mower 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 median tax bill in Dexter is $2287 in the 55926 zip code, while the lowest median tax bill is also $2287 in the same zip code.
Average Dexter Assessed Value
$241,300
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dexter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55926 | $22,480 | $118,700 | $241,300 | $439,500 | $1,239,710 |
Source: Ownwell
Property Tax Bills Across Dexter, Minnesota
In Dexter, Mower County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property location, market conditions, and improvements to the property can influence the assessed value. For example, the median home price in Dexter is $241,300. With the national median property tax rate at 0.99%, Dexter's homeowners might find their tax bills vary significantly. In Dexter, the 25th percentile tax bill is $1,146, while the 75th percentile reaches $3,652, and the 90th percentile can be as high as $5,133. These variations reflect differences in property values and the specific circumstances of each property. High property taxes can impact homeowners by increasing their monthly mortgage payments and overall cost of living, while lower taxes can make homeownership more affordable. Understanding how these factors play into the calculation can help homeowners better anticipate and manage their property tax obligations.
Average Dexter Tax Bill
$2,287
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Dexter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55926 | $278 | $1,146 | $2,287 | $3,652 | $5,133 |
Source: Ownwell