Atwood, Illinois Property Taxes
The median property tax rate in Atwood, IL is 2.22%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $79,245 in Atwood, the typical annual property tax bill amounts to $1,686, which is below the national median of $2,690. Property taxes in Atwood 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 Atwood'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 Atwood or another part of Douglas County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Atwood, 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 Atwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Atwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Atwood 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 Atwood, Illinois
Property taxes in Atwood, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atwood is 2.22%, significantly higher than the U.S. national median of 0.99%. Local government entities within Atwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Atwood 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 Atwood's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61913 has both the highest and lowest median property tax rate of 2.22%. Understanding how these cities compare with Atwood provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atwood Tax Rate
2.22%
Average Douglas County Tax Rate
2.16%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61913 | 1.21% | 1.79% | 2.22% | 2.76% | 3.32% |
Source: Ownwell
Property Tax Assessment Values Across Atwood, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Atwood, Illinois. 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 Douglas 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 Atwood, 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. The median home price in Atwood stands at $79,245, with tax bills ranging from $787 at the 25th percentile to $3,599 at the 90th percentile. The highest and lowest median tax bills are both $1,686, found in the 61913 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Atwood Assessed Value
$79,245
Average Douglas County Assessed Value
$101,652
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61913 | $18,603 | $43,959 | $79,245 | $112,791 | $154,087 |
Source: Ownwell
Property Tax Bills Across Atwood, Illinois
In Atwood, located in Douglas County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $79,245, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $787, while the 75th percentile reaches up to $2,532, and the 90th percentile can be as high as $3,599. These figures are influenced by various factors, including the specific tax rate set by local authorities and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Atwood's property taxes can have a considerable impact on homeowners, affecting their overall cost of living and financial planning. Understanding these dynamics is crucial for homeowners to effectively manage their property-related expenses.
Average Atwood Tax Bill
$1,686
Average Douglas County Tax Bill
$2,157
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Atwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61913 | $310 | $787 | $1,686 | $2,532 | $3,599 |
Source: Ownwell