Davis Junction, Illinois Property Taxes
The median property tax rate in Davis Junction, IL is 2.49%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Davis Junction at $146,528, the typical annual property tax bill reaches $3,251, exceeding the national median of $2,690. Property taxes in Davis Junction 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 Davis Junction'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 Davis Junction 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
Davis Junction, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$3,649
$3,565
Ownwell’s DAVIS JUNCTION Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DAVIS JUNCTION with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DAVIS JUNCTION 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 Davis Junction, Illinois
Property taxes in Davis Junction, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Davis Junction is 2.49%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Davis Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Davis Junction 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 Davis Junction's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61020 zip code has the highest median property tax rate of 2.49%, while the same zip code also has the lowest median tax rate of 2.49%. Understanding how these areas compare with Davis Junction provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Davis Junction Tax Rate
2.49%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Davis Junction, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61020 | 1.63% | 2.21% | 2.49% | 2.57% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Davis Junction, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Davis Junction, Illinois. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Winnebago 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. 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 Davis Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in the area is 61020, both at $3,251.
Average Davis Junction Assessed Value
$146,528
Average Winnebago County Assessed Value
$119,208
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Davis Junction, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61020 | $48,047 | $83,343 | $146,528 | $189,913 | $242,795 |
Source: Ownwell
Property Tax Bills Across Davis Junction, Illinois
In Davis Junction, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is typically a percentage of the market value of the property. For example, if the median home price in Davis Junction is $146,528, the assessed value will be a fraction of this amount, depending on local assessment ratios. Once the assessed value is established, the local tax rate is applied. The median property tax rate in Winnebago County is higher than the national median of 0.99%. Various factors, such as property improvements, neighborhood amenities, and local government budgets, influence the tax rate. Homeowners in the 25th percentile can expect a tax bill around $1,937, while those in the 75th percentile may see bills as high as $4,752. At the 90th percentile, tax bills can reach up to $6,198. These property taxes fund essential local services, including schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Davis Junction Tax Bill
$3,251
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Davis Junction, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61020 | $1,291 | $1,937 | $3,251 | $4,752 | $6,198 |
Source: Ownwell