Steward, Illinois Property Taxes
The median property tax rate in Steward, 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 Steward, the typical annual property tax bill reaches $3,854, exceeding the national median of $2,690. Property taxes in Steward 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 Steward'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 Steward 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
Steward, 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 Steward Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Steward with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Steward to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities, enabling better financial planning. For those interested in more detailed information, you can explore trends on a neighborhood level by scrolling down. Your property's assessed value, determined by DeKalb County, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Steward, Illinois
Property taxes in Steward, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Steward is 2.47%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Steward set these rates annually, and they can vary significantly across different neighborhoods. Each year, Steward 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 Steward's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60553 zip code has the highest median property tax rate of 2.47%, while it also has the lowest median tax rate of 2.47%. Understanding how these cities compare with Steward provides valuable insights into the varying tax landscape across DeKalb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Steward Tax Rate
2.47%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Steward, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60553 | 2.47% | 2.47% | 2.47% | 2.47% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Steward, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Steward, 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 DeKalb 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 Steward, 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. With a median home price of $156,003, the median property tax bill stands at $3,854. Notably, the highest and lowest median tax bills are both $3,854, found in the zip code 60553. 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 Steward Assessed Value
$156,003
Average Dekalb County Assessed Value
$185,016
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Steward, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60553 | $156,003 | $156,003 | $156,003 | $156,003 | $156,003 |
Source: Ownwell
Property Tax Bills Across Steward, Illinois
In Steward, located in DeKalb County, IL, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to calculate the tax bill. The median home price in Steward is $156,003, and homeowners can expect property tax bills around $3,854, regardless of the specific percentile, indicating a consistent tax rate across different property values. Several factors influence the assessed value, including the property's size, location, and condition. Additionally, local government budgets and school funding needs can affect the tax rate. Compared to the national median property tax rate of 0.99%, Steward's rate appears to be significantly higher, impacting homeowners by increasing their annual financial obligations. This higher tax rate can influence decisions about purchasing property and the long-term affordability of homeownership in the area.
Average Steward Tax Bill
$3,854
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Steward, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60553 | $3,854 | $3,854 | $3,854 | $3,854 | $3,854 |
Source: Ownwell