Delavan, Illinois Property Taxes
The median property tax rate in Delavan, IL is 2.47%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Delavan at $111,780, the typical annual property tax bill reaches $2,743, exceeding the national median of $2,690. Property taxes in Delavan 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 Delavan'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 Delavan 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
Delavan, 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 Delavan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Delavan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Delavan 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 Delavan, Illinois
Property taxes in Delavan, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Delavan is 2.47%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Delavan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Delavan 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 Delavan's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61734 has both the highest and lowest median property tax rate of 2.47%. Understanding how these areas compare with Delavan provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Delavan Tax Rate
2.47%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Delavan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61734 | 1.86% | 2.21% | 2.47% | 2.72% | 3.16% |
Source: Ownwell
Property Tax Assessment Values Across Delavan, Illinois
In Delavan, 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 Tazewell 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 Delavan, 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 Delavan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $2,743 in the 61734 zip code, highlighting the importance of understanding these values.
Average Delavan Assessed Value
$111,780
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Delavan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61734 | $48,582 | $76,950 | $111,780 | $164,130 | $224,076 |
Source: Ownwell
Property Tax Bills Across Delavan, Illinois
Property tax bills in Delavan, Tazewell County, IL, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property location, size, and any applicable exemptions. For homeowners in Delavan, the median home price is $111,780. The tax bill can vary significantly; at the 25th percentile, homeowners pay around $1,764, while at the 75th percentile, the tax bill rises to approximately $4,105. At the 90th percentile, it can reach up to $5,832. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and assessed values can impact the final amount owed. Understanding these factors is crucial for homeowners as property taxes represent a significant annual expense. Accurate assessments and awareness of local rates can help homeowners plan and budget effectively.
Average Delavan Tax Bill
$2,743
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Delavan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61734 | $994 | $1,764 | $2,743 | $4,105 | $5,832 |
Source: Ownwell