Dowell, Illinois Property Taxes
The median property tax rate in Dowell, IL is 1.86%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Dowell at $36,734, the typical annual property tax bill reaches $757, which is significantly below the national median of $2,690. Property taxes in Dowell 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 Dowell'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 Dowell or another part of Jackson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dowell, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.86%
Estimate Property Tax Bill
$683
$668
Ownwell’s Dowell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dowell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dowell 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 Dowell, Illinois
Property taxes in Dowell, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dowell is 1.86%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dowell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dowell 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 Dowell's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62927 has the highest median property tax rate of 1.86%, while the same zip code also has the lowest median tax rate of 1.86%. Understanding how these cities compare with Dowell provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dowell Tax Rate
1.86%
Average Jackson County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dowell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62927 | 0.76% | 1.23% | 1.86% | 2.93% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Dowell, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Dowell, 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 Jackson County 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 Dowell, 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 Dowell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Dowell is $757, both found in the zip code 62927.
Average Dowell Assessed Value
$36,734
Average Jackson County Assessed Value
$84,759
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dowell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62927 | $21,245 | $27,208 | $36,734 | $52,141 | $75,654 |
Source: Ownwell
Property Tax Bills Across Dowell, Illinois
In Dowell, located in Jackson County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, size, and any applicable exemptions or deductions. For homeowners in Dowell, the median home price is $36,734, resulting in varying tax bills. The 25th percentile tax bill is approximately $408, while the 75th percentile reaches $1,161. At the 90th percentile, homeowners might pay up to $1,574. This range shows how property values and local tax rates can significantly affect what homeowners owe annually. Comparatively, the national median property tax rate is 0.99%, highlighting that property taxes in Dowell can be relatively low. Understanding these factors helps homeowners anticipate their tax obligations and plan accordingly.
Average Dowell Tax Bill
$757
Average Jackson County Tax Bill
$2,391
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dowell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62927 | $150 | $408 | $757 | $1,161 | $1,574 |
Source: Ownwell