Chadwick, Illinois Property Taxes
The median property tax rate in Chadwick, IL is 2.60%, 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 $82,540, the typical annual property tax bill reaches $2,179, which is below 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 2.60%, significantly higher than both the Illinois state median of 2.16% 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 counties in Illinois and the national median. For comparison, the 61014 zip code has the highest median property tax rate of 2.60%, while the 61014 zip code also has the lowest median tax rate of 2.60%. Understanding how these cities compare with Chadwick provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chadwick Tax Rate
2.60%
Average Carroll County Tax Rate
2.34%
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 | 1.61% | 2.16% | 2.60% | 3.13% | 3.64% |
Source: Ownwell
Property Tax Assessment Values Across Chadwick, Illinois
In Chadwick, 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 Carroll County Assessor 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. 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 Chadwick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Chadwick is $2,179 in zip code 61014.
Average Chadwick Assessed Value
$82,540
Average Carroll County Assessed Value
$86,910
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 | $39,516 | $59,438 | $82,540 | $120,868 | $177,372 |
Source: Ownwell
Property Tax Bills Across Chadwick, Illinois
In Chadwick, located in Carroll County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is a percentage of the market value of the property. The tax rate, applied to this assessed value, is influenced by various factors including local government budgets and school district funding needs. For example, with a median home price of $82,540, homeowners can expect a range of tax bills. The 25th percentile tax bill is around $1,285, while the 75th percentile reaches $3,477, and the 90th percentile can be as high as $5,731. Comparatively, the median property tax rate in Chadwick is significantly higher than the national median of 0.99%, reflecting the local funding requirements. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and financial planning. Understanding how these factors interplay helps homeowners anticipate and manage their property tax obligations effectively.
Average Chadwick Tax Bill
$2,179
Average Carroll County Tax Bill
$2,178
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 | $776 | $1,285 | $2,179 | $3,477 | $5,731 |
Source: Ownwell