Dunfermline, Illinois Property Taxes
The median property tax rate in Dunfermline, IL is 2.63%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Dunfermline at $69,715, the typical annual property tax bill reaches $815, which is below the national median of $2,690. Property taxes in Dunfermline are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dunfermline'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 Dunfermline or another part of Fulton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dunfermline, 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 DUNFERMLINE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DUNFERMLINE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DUNFERMLINE 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 Dunfermline, Illinois
Property taxes in Dunfermline, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dunfermline is 2.63%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dunfermline set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dunfermline 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 Dunfermline's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61524 has both the highest and lowest median property tax rate of 2.63%. Understanding how these cities compare with Dunfermline provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dunfermline Tax Rate
2.63%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dunfermline, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61524 | 1.64% | 2.09% | 2.63% | 2.63% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Dunfermline, Illinois
In Dunfermline, 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 Fulton County Assessment Office 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 Dunfermline, 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. Dunfermline's property tax bills range from $483 at the 25th percentile to $2,164 at the 90th percentile. The highest and lowest median tax bills, both $815, are found in the 61524 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dunfermline Assessed Value
$69,715
Average Fulton County Assessed Value
$71,967
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dunfermline, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61524 | $22,636 | $46,689 | $69,715 | $123,828 | $170,633 |
Source: Ownwell
Property Tax Bills Across Dunfermline, Illinois
In Dunfermline, located in Fulton County, IL, property tax bills are calculated based on the assessed value of a home, 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. Various factors, such as property size, location, and any applicable exemptions, influence the final amount. Homeowners in Dunfermline experience a range of tax bills. For instance, the 25th percentile tax bill is approximately $483, while those in the 75th percentile pay around $1,161. At the higher end, the 90th percentile tax bill can reach up to $2,164. Comparatively, the median property tax rate in Dunfermline is slightly lower than the national median of 0.99%, making it relatively more affordable for homeowners. However, the tax burden still varies significantly within the region, influenced by the specific characteristics and assessed values of individual properties. This variability underscores the importance of understanding local tax assessments and potential exemptions to manage property tax liabilities effectively.
Average Dunfermline Tax Bill
$815
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dunfermline, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61524 | $241 | $483 | $815 | $1,161 | $2,164 |
Source: Ownwell