Dewey, Illinois Property Taxes
The median property tax rate in Dewey, IL is 2.17%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Dewey at $207,300, the typical annual property tax bill reaches $4,321, exceeding the national median of $2,690. Property taxes in Dewey 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 Dewey'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 Dewey or another part of Champaign County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dewey, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.17%
Estimate Property Tax Bill
$4,498
$4,174
Ownwell’s Dewey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dewey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dewey 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 Dewey, Illinois
Property taxes in Dewey, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dewey is 2.17%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dewey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dewey 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 Dewey's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61840 zip code has the highest median property tax rate of 2.17%, while the same zip code also has the lowest median tax rate of 2.17%. Understanding how these cities compare with Dewey provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dewey Tax Rate
2.17%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dewey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61840 | 1.79% | 2.01% | 2.17% | 2.28% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Dewey, Illinois
In Dewey, 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 Champaign 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 Dewey, 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 Dewey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61840 has the highest and lowest median tax bill, both at $4,321.
Average Dewey Assessed Value
$207,300
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dewey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61840 | $72,192 | $124,440 | $207,300 | $304,695 | $378,009 |
Source: Ownwell
Property Tax Bills Across Dewey, Illinois
In Dewey, Champaign County, IL, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of its market value. The assessment rate in Illinois is generally 33.33% of the market value. For instance, if your home is valued at $207,300, the assessed value would be approximately $69,100. Local tax rates, applied to this assessed value, determine your annual tax bill. Several factors influence your property tax bill, including the local tax rate, which funds public services like schools, infrastructure, and emergency services. In Dewey, the median property tax bill can vary significantly, with the 25th percentile at $2,440 and the 75th percentile reaching $6,566. For those in the 90th percentile, it can go as high as $8,343. Compared to the national median property tax rate of 0.99%, homeowners in Dewey may experience higher or lower tax bills based on their home's assessed value and the local tax rate. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Dewey Tax Bill
$4,321
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dewey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61840 | $1,277 | $2,440 | $4,321 | $6,566 | $8,343 |
Source: Ownwell