Kewanee, Illinois Property Taxes
The median property tax rate in Kewanee, IL is 2.17%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kewanee, the typical annual property tax bill reaches $5,368, exceeding the national median of $2,690. Property taxes in Kewanee 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 Kewanee'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 Kewanee 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
Kewanee, 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 Kewanee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kewanee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kewanee 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 Kewanee, Illinois
Property taxes in Kewanee, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kewanee is 2.17%, significantly higher than the U.S. national median of 0.99%. Local government entities within Kewanee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kewanee 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 Kewanee's effective property tax rate to other areas and the national median. For comparison, the zip code 61443 has the highest median property tax rate of 2.17%, while the same zip code also has the lowest median tax rate of 2.17%. Understanding how these figures compare with Kewanee provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kewanee Tax Rate
2.17%
Average Stark County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kewanee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61443 | 1.35% | 2.04% | 2.17% | 2.21% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Kewanee, Illinois
In Kewanee, 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 Stark 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 Kewanee, 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. For instance, the zip code 61443 in Kewanee has the highest median tax bill at $5,368. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kewanee Assessed Value
$262,278
Average Stark County Assessed Value
$143,110
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kewanee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61443 | $91,127 | $161,230 | $262,278 | $279,472 | $336,551 |
Source: Ownwell
Property Tax Bills Across Kewanee, Illinois
In Kewanee, located in Stark County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Local tax authorities determine the assessed value, and then apply the local tax rate to calculate the tax bill. Factors influencing the tax bill include the home's market value, assessment ratio, and the local tax rate. For instance, the median home price in Kewanee is $262,278. Homeowners in the 25th percentile can expect a tax bill around $3,594, while those in the 75th percentile might see bills closer to $5,927. The highest median tax bill recorded in the area is $5,368. These figures highlight the variability in tax bills based on property values and assessment practices. Compared to the national median property tax rate of 0.99%, Kewanee’s property tax rates can significantly impact homeowners, influencing their financial planning and the overall cost of homeownership.
Average Kewanee Tax Bill
$5,368
Average Stark County Tax Bill
$2,919
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kewanee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61443 | $1,684 | $3,594 | $5,368 | $5,927 | $7,359 |
Source: Ownwell