Danforth, Illinois Property Taxes
The median property tax rate in Danforth, IL is 2.38%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Danforth at $137,016, the typical annual property tax bill reaches $3,444, exceeding the national median of $2,690. Property taxes in Danforth 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 Danforth'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 Danforth 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
Danforth, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$3,261
$3,186
Ownwell’s Danforth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Danforth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Danforth 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 Danforth, Illinois
Property taxes in Danforth, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Danforth is 2.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Danforth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Danforth 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 Danforth's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60930 zip code has the highest median property tax rate of 2.38%, while the same zip code also has the lowest median tax rate of 2.38%. Understanding how these cities compare with Danforth provides valuable insights into the varying tax landscape across Iroquois County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Danforth Tax Rate
2.38%
Average Iroquois County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Danforth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60930 | 1.58% | 1.80% | 2.38% | 2.70% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Danforth, Illinois
In Danforth, 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 local 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 Danforth, 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 Danforth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the highest median tax bill is 60930, with a value of $3444, while the lowest median tax bill is also in the same zip code, indicating a consistent tax environment across the area.
Average Danforth Assessed Value
$137,016
Average Iroquois County Assessed Value
$114,710
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Danforth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60930 | $46,920 | $91,158 | $137,016 | $194,360 | $304,010 |
Source: Ownwell
Property Tax Bills Across Danforth, Illinois
In Danforth, Iroquois County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is typically a percentage of the market value of the property. Tax rates, set by local taxing authorities, are then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, the median home price in Danforth is $137,016, and property tax bills can vary significantly. Homeowners at the 25th percentile pay approximately $1,945, while those at the 75th percentile may see bills around $5,217. At the 90th percentile, property taxes can reach up to $8,142. This variability in tax bills can significantly impact homeowners, influencing decisions on property purchases, maintenance, and overall financial planning. Comparing these figures to the national median property tax rate of 0.99%, it’s evident that local factors play a crucial role in determining property tax obligations.
Average Danforth Tax Bill
$3,444
Average Iroquois County Tax Bill
$3,017
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Danforth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60930 | $1,153 | $1,945 | $3,444 | $5,217 | $8,142 |
Source: Ownwell