Dorchester, Illinois Property Taxes
The median property tax rate in Dorchester, IL is 2.18%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Dorchester, the typical annual property tax bill reaches $761, falling below the national median of $2,690. Property taxes in Dorchester 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 Dorchester'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 Dorchester 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
Dorchester, 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 Dorchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dorchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dorchester 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 Dorchester, Illinois
Property taxes in Dorchester, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dorchester is 2.18%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dorchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dorchester 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 Dorchester's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62033 zip code has the highest median property tax rate of 2.18%, while the same zip code also has the lowest median tax rate of 2.18%. Understanding how these rates compare with Dorchester provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dorchester Tax Rate
2.18%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dorchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62033 | 2.15% | 2.16% | 2.18% | 2.21% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Dorchester, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Dorchester, 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 Macoupin 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 Dorchester, 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. The median home price in Dorchester is $34,272, with the 25th percentile tax bill at $460 and the 75th percentile at $1,062. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Dorchester are both $761, found in the 62033 zip code.
Average Dorchester Assessed Value
$34,272
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dorchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62033 | $12,785 | $20,842 | $34,272 | $47,702 | $55,759 |
Source: Ownwell
Property Tax Bills Across Dorchester, Illinois
In Dorchester, located in Macoupin 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 $34,272. Local tax authorities then apply the property tax rate to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and applicable exemptions. For homeowners in Dorchester, property tax bills can vary significantly. The 25th percentile tax bill is around $460, while the 75th percentile tax bill is approximately $1,062. At the higher end, the 90th percentile tax bill reaches $1,242. These figures indicate that property taxes can have a noticeable impact on household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding how these factors interplay can help homeowners better manage their expenses and plan for their financial future.
Average Dorchester Tax Bill
$761
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dorchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62033 | $279 | $460 | $761 | $1,062 | $1,242 |
Source: Ownwell