Dallas City, Illinois Property Taxes
The median property tax rate in Dallas City, IL is 3.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $30,984 in Dallas City, the typical annual property tax bill reaches $971, which is significantly lower than the national median of $2,690. Property taxes in Dallas City 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 Dallas City'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 Dallas City 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
Dallas City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.13%
Estimate Property Tax Bill
$970
$948
Ownwell’s Dallas City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dallas City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dallas City 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 Dallas City, Illinois
Property taxes in Dallas City, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Dallas City is 3.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dallas City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dallas City 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 Dallas City's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62330 has the highest median property tax rate of 3.13%, while the same zip code also has the lowest median tax rate of 3.13%. Understanding how these cities compare with Dallas City provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dallas City Tax Rate
3.13%
Average Hancock County Tax Rate
2.85%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dallas City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62330 | 2.86% | 3.13% | 3.13% | 3.13% | 3.13% |
Source: Ownwell
Property Tax Assessment Values Across Dallas City, Illinois
In Dallas City, 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 Hancock 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 Dallas City, 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 Dallas City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Dallas City is $971 in zip code 62330, which is also the lowest median tax bill, showcasing a uniform tax environment.
Average Dallas City Assessed Value
$30,984
Average Hancock County Assessed Value
$54,669
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dallas City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62330 | $8,535 | $13,089 | $30,984 | $44,106 | $62,450 |
Source: Ownwell
Property Tax Bills Across Dallas City, Illinois
In Dallas City, located in Hancock County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $30,984. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding, and public services influence the tax rate. For homeowners in Dallas City, property tax bills can vary significantly. At the 25th percentile, the tax bill is around $410, while at the 75th percentile, it rises to $1,231. For those at the 90th percentile, the bill can reach up to $1,956. The highest and lowest median tax bills in the area are both $971, found in the zip code 62330. Compared to the national median property tax rate of 0.99%, homeowners in Dallas City may find their tax bills relatively manageable, but the impact on their finances can still be significant, depending on the assessed value of their property.
Average Dallas City Tax Bill
$971
Average Hancock County Tax Bill
$1,522
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dallas City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62330 | $258 | $410 | $971 | $1,231 | $1,956 |
Source: Ownwell