Depue, Illinois Property Taxes
The median property tax rate in Depue, Illinois is 2.03%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Depue, the typical annual property tax bill reaches $1,038, which is below the national median of $2,690. Property taxes in Depue 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 Depue'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 Depue 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
Depue, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$1,028
$954
Ownwell’s Depue Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Depue with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Depue 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 Depue, Illinois
Property taxes in Depue, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Depue is 2.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Depue set these rates annually, and they can vary significantly across different neighborhoods. Each year, Depue 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 Depue's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61322 has the highest median property tax rate of 2.03%, while the same zip code also has the lowest median tax rate of 2.03%. Understanding how these cities compare with Depue provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Depue Tax Rate
2.03%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Depue, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61322 | 0.97% | 1.50% | 2.03% | 3.09% | 3.09% |
Source: Ownwell
Property Tax Assessment Values Across Depue, Illinois
In Depue, 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 Bureau 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 Depue, 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 Depue helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Depue are both $1038, found in zip code 61322.
Average Depue Assessed Value
$50,646
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Depue, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61322 | $31,497 | $40,311 | $50,646 | $65,508 | $77,451 |
Source: Ownwell
Property Tax Bills Across Depue, Illinois
In Depue, located in Bureau 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 local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Depue, the median home price is $50,646, with tax bills ranging significantly. At the 25th percentile, homeowners might pay around $672, while those at the 75th percentile could see bills up to $1,394. The tax burden can be even higher, reaching $1,867 at the 90th percentile. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Depue's property tax rates reflect the local government's revenue needs and the value of homes in the area. Homeowners must stay informed about their property's assessed value and any changes in local tax rates to manage their financial planning effectively.
Average Depue Tax Bill
$1,038
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Depue, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61322 | $371 | $672 | $1,038 | $1,394 | $1,867 |
Source: Ownwell