Dewey, Champaign County, Illinois Property Taxes

Name: Property Tax Bills Across Dewey, Champaign County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Dewey, IL effective property tax rate: 2.17%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Dewey, IL home value: $207,300
Median annual Dewey, IL tax bill: $4,321, $1,921 higher than the national median property tax bill of $2,400.

How are property taxes in Champaign calculated?

Property taxes in Dewey, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Dewey’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Dewey, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Dewey, Champaign County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.17%

Estimate Property Tax Bill

$4,498

$4,174

Ownwell’s Dewey Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Dewey with just two data points. By entering your property's estimated assessed value, our calculator applies Dewey’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Champaign County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Dewey, Champaign County, Illinois

Local government entities set tax rates, which can vary widely within a state. The process involves each county estimating its required budget to provide services and dividing that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Dewey, located in Champaign County, Illinois, the effective property tax rate is significantly higher than the national median property tax rate of 1.02%. This places Dewey at the higher end of the spectrum both within the state and nationally. The property tax rate in Dewey is consistent with the highest and lowest rates in the state, reflecting a uniformity within this specific area.

Comparing Dewey's effective property tax rate to other cities in Illinois and the U.S. highlights the variance in property tax burdens that residents experience. Understanding these differences can be crucial for homeowners considering property tax appeals or exemptions to reduce their financial obligations.

Property Tax Rates Across Dewey, Champaign County, Illinois

Source: Ownwell

1.72%

2.45%

3.17%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Dewey Taxx Rate

2.17%

Median Effective Champaign County Taxx Rate

2.54%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Dewey, Champaign County, 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, Champaign County, Illinois

When examining property taxes in Dewey, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Champaign County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Champaign County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Dewey. For example, the median home price in Dewey is $207,300, with tax bills ranging significantly across the county. 61840 has the highest median home price at $207,300.

Property Tax Assessment Values Across Dewey, Champaign County, Illinois

Source: Ownwell

$64,275

$153,698

$243,120

Median Dewey Market Value

$207,300

Median Champaign County Market Value

$152,850

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Dewey, Champaign County, 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, Champaign County, Illinois

In Dewey, located in Champaign County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. Homeowners in Dewey face a median tax bill of $4,321, significantly higher than the national median of $2,400. This discrepancy highlights the importance of understanding how property taxes are determined and the potential impact on homeowners' finances. Factors such as local government budgets, school funding, and public services contribute to the tax rate, which can fluctuate annually. For homeowners, this means that even if their property's market value remains stable, their tax bill may still increase due to changes in the tax rate or assessment practices. Ownwell offers a valuable service to homeowners by providing expertise in property tax appeals and exemptions. By analyzing individual property assessments and identifying discrepancies or opportunities for exemptions, Ownwell can help homeowners reduce their tax burden, ensuring they only pay their fair share.

Property Tax Bills Across Dewey, Champaign County, Illinois

Source: Ownwell

$1,191

$3,485

$5,778

Median Dewey Tax Bill

$4,321

Median Champaign County Tax Bill

$3,816

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Dewey, Champaign County, 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