Kewanee, Illinois Property Taxes
The median property tax rate in Kewanee, IL is 2.12%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kewanee at $195,360, the typical annual property tax bill reaches $4,154, exceeding the national median of $2,690. Property taxes in Kewanee 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 Kewanee'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 Kewanee 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
Kewanee, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$4,142
$3,843
Ownwell’s Kewanee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kewanee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kewanee 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 Kewanee, Illinois
Property taxes in Kewanee, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kewanee is 2.12%, significantly higher than the U.S. national median of 0.99%. Local government entities within Kewanee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kewanee 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 Kewanee's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61443 has the highest median property tax rate of 2.12%, while the same zip code also has the lowest median tax rate of 2.12%. Understanding how these figures compare with Kewanee 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 Kewanee Tax Rate
2.12%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kewanee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61443 | 2.08% | 2.09% | 2.12% | 2.14% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Kewanee, Illinois
In Kewanee, 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 Kewanee, 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 Kewanee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Kewanee is $195,360, with tax bills ranging from $3,681 at the 25th percentile to $4,909 at the 90th percentile. The zip code 61443 has the highest and lowest median tax bill at $4,154.
Average Kewanee Assessed Value
$195,360
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 Kewanee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61443 | $163,373 | $175,368 | $195,360 | $215,352 | $227,347 |
Source: Ownwell
Property Tax Bills Across Kewanee, Illinois
In Kewanee, located in Bureau County, 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 a percentage of the property's market value. The tax rate, applied to this assessed value, is influenced by various factors including local government budgets, school funding needs, and public services. For homeowners in Kewanee, the median home price is $195,360. Property tax bills can vary significantly, with the 25th percentile tax bill at $3,681 and the 75th percentile tax bill reaching $4,626. At the 90th percentile, tax bills can go up to $4,909. The highest median tax bill in the area is $4,154, which is consistent across the 61443 zip code. These property taxes are crucial for funding essential community services such as schools, emergency services, and infrastructure maintenance. While the tax rate in Kewanee may be higher than the national median property tax rate of 0.99%, it reflects the community's investment in maintaining and improving local amenities and services.
Average Kewanee Tax Bill
$4,154
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kewanee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61443 | $3,398 | $3,681 | $4,154 | $4,626 | $4,909 |
Source: Ownwell