Dennison, Illinois Property Taxes
The median property tax rate in Dennison, IL is 1.93%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Dennison, the typical annual property tax bill reaches $1,513, exceeding the national median of $2,690. Property taxes in Dennison are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dennison'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 Dennison 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
Dennison, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Dennison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dennison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dennison 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 Dennison, Illinois
Property taxes in Dennison, IL, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dennison is 1.93%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dennison set these rates annually, and they can vary across different neighborhoods. Each year, Dennison 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 Dennison's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62423 has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Dennison provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dennison Tax Rate
1.93%
Average Clark County Tax Rate
2.09%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dennison, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62423 | 0.96% | 1.60% | 1.93% | 2.18% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Dennison, Illinois
In Dennison, Illinois, 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 Clark 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 Dennison, 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 Dennison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,513, found in the 62423 zip code, while the lowest is also $1,513 in the same zip code.
Average Dennison Assessed Value
$80,343
Average Clark County Assessed Value
$71,601
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dennison, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62423 | $15,579 | $44,814 | $80,343 | $144,316 | $199,016 |
Source: Ownwell
Property Tax Bills Across Dennison, Illinois
In Dennison, Clark County, IL, property tax bills are calculated based on the assessed value of each home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For instance, the median home price in Dennison is $80,343. Homeowners in the 25th percentile typically receive tax bills around $725, while those in the 75th percentile see bills closer to $2,893. The top 10% of homeowners may face tax bills as high as $4,083. These property taxes significantly impact homeowners, as they fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the rates in Dennison can vary, reflecting the specific needs and budgetary requirements of the community.
Average Dennison Tax Bill
$1,513
Average Clark County Tax Bill
$1,431
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dennison, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62423 | $278 | $725 | $1,513 | $2,893 | $4,083 |
Source: Ownwell