Dunlap, Illinois Property Taxes
The median property tax rate in Dunlap, IL is 2.54%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Dunlap, the typical annual property tax bill reaches $6,489, exceeding the national median of $2,690. Property taxes in Dunlap 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 Dunlap'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 Dunlap 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
Dunlap, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.54%
Estimate Property Tax Bill
$6,357
$6,211
Ownwell’s Dunlap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dunlap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dunlap 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 Dunlap, Illinois
Property taxes in Dunlap, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dunlap is 2.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dunlap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dunlap 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 Dunlap's effective property tax rate to other counties in Illinois and the national median. For comparison, Dunlap itself has the highest median property tax rate of 2.54%, while also having the lowest median tax rate of 2.54%. Understanding how these cities compare with Dunlap provides valuable insights into the varying tax landscape across Peoria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dunlap Tax Rate
2.54%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dunlap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61525 | 2.07% | 2.24% | 2.54% | 2.77% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Dunlap, Illinois
In Dunlap, 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 Peoria 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 Dunlap, 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 Dunlap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Dunlap are both $6,489, found in the 61525 zip code.
Average Dunlap Assessed Value
$250,260
Average Peoria County Assessed Value
$93,150
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dunlap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61525 | $117,834 | $175,598 | $250,260 | $325,298 | $446,649 |
Source: Ownwell
Property Tax Bills Across Dunlap, Illinois
Property tax bills in Dunlap, located in Peoria County, IL, are determined based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, which is then multiplied by the tax rate to calculate the annual property tax bill. For instance, with a median home price of $250,260, homeowners can expect their tax bills to vary significantly. Factors that influence the property tax bill include the home’s assessed value, local levy rates, and any applicable exemptions. In Dunlap, the 25th percentile tax bill is $4,189, while the 75th percentile reaches $8,543, and the 90th percentile climbs to $12,120. This variability can affect homeowners differently, with higher-valued properties bearing a larger tax burden. Comparatively, Dunlap’s property tax rates may appear higher than the national median property tax rate of 0.99%, impacting the overall cost of homeownership. Understanding these elements can help homeowners better anticipate their annual property tax expenses.
Average Dunlap Tax Bill
$6,489
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dunlap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61525 | $2,668 | $4,189 | $6,489 | $8,543 | $12,120 |
Source: Ownwell