Chadwick, Illinois Property Taxes
The median property tax rate in Chadwick, IL is 2.52%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Chadwick at $131,822, the typical annual property tax bill reaches $3,069, exceeding the national median of $2,690. Property taxes in Chadwick 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 Chadwick'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 Chadwick 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
Chadwick, 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 Chadwick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chadwick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chadwick 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 Chadwick, Illinois
Property taxes in Chadwick, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chadwick is 2.52%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Chadwick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chadwick 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 Chadwick's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61014 has both the highest and lowest median property tax rate of 2.52%, indicating uniformity in the tax rate within Chadwick. Understanding how these areas compare with Chadwick provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chadwick Tax Rate
2.52%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chadwick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61014 | 1.83% | 2.30% | 2.52% | 2.68% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Chadwick, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chadwick, IL. 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 Whiteside 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 Chadwick, 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. For instance, the median home price in Chadwick is $131,822, with the 25th percentile tax bill at $2,067 and the 75th percentile tax bill at $4,476. The highest and lowest median tax bills in Chadwick are both $3,069, found in zip code 61014. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chadwick Assessed Value
$131,822
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chadwick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61014 | $54,894 | $95,852 | $131,822 | $175,433 | $209,102 |
Source: Ownwell
Property Tax Bills Across Chadwick, Illinois
In Chadwick, located in Whiteside 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 median home price in Chadwick stands at $131,822. Local taxing authorities apply a tax rate to this assessed value to determine the annual tax bill. Several factors influence this calculation, including property size, location, and any applicable exemptions. For homeowners in Chadwick, the property tax burden can vary significantly. The 25th percentile tax bill is around $2,067, while those in the 75th percentile pay approximately $4,476. At the higher end, the 90th percentile tax bill reaches $5,663. Comparatively, the national median property tax rate is 0.99%, making Chadwick's rates notable. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Chadwick Tax Bill
$3,069
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chadwick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61014 | $1,178 | $2,067 | $3,069 | $4,476 | $5,663 |
Source: Ownwell