Dewitt, Illinois Property Taxes
The median property tax rate in DeWitt, IL is 1.97%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in DeWitt, the typical annual property tax bill reaches $3,685, exceeding the national median of $2,690. Property taxes in DeWitt 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 DeWitt'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 DeWitt 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
Dewitt, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.97%
Estimate Property Tax Bill
$3,554
$3,473
Ownwell’s DeWitt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DeWitt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DeWitt 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 Dewitt, Illinois
Property taxes in DeWitt, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in DeWitt is 1.97%, significantly higher than the U.S. national median of 0.99%. Local government entities within DeWitt set these rates annually, and they can vary significantly across different neighborhoods. Each year, DeWitt 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 DeWitt's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61735 zip code has the highest median property tax rate of 1.97%, while the same zip code also has the lowest median tax rate of 1.97%. Understanding how these cities compare with DeWitt provides valuable insights into the varying tax landscape across DeWitt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dewitt Tax Rate
1.97%
Average De Witt County Tax Rate
2.10%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dewitt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61735 | 1.75% | 1.79% | 1.97% | 2.32% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Dewitt, Illinois
In DeWitt, 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 DeWitt 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 DeWitt, 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 DeWitt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in DeWitt is $3,685 in the 61735 zip code, which can help homeowners gauge their potential tax liabilities.
Average Dewitt Assessed Value
$180,423
Average De Witt County Assessed Value
$142,472
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dewitt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61735 | $60,743 | $124,650 | $180,423 | $239,504 | $258,352 |
Source: Ownwell
Property Tax Bills Across Dewitt, Illinois
In De Witt County, IL, property tax bills in Dewitt are calculated based on the assessed value of a home, which is often a fraction of its market value. This assessed value is then multiplied by the local tax rate to determine the property tax bill. The median home price in Dewitt is $180,423, and property tax bills can vary significantly. For example, the tax bill at the 25th percentile is $2,538, while at the 75th percentile, it rises to $5,389. Homeowners in the 90th percentile can expect a tax bill around $5,899. Factors such as property size, location, and improvements can influence the assessed value, ultimately impacting the tax bill. These taxes fund essential public services, including schools, infrastructure, and emergency services, making them a critical component of community well-being. Compared to the national median property tax rate of 0.99%, Dewitt's property tax rates can be seen as relatively high, affecting how much homeowners need to budget annually for their property taxes.
Average Dewitt Tax Bill
$3,685
Average De Witt County Tax Bill
$3,614
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dewitt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61735 | $1,315 | $2,538 | $3,685 | $5,389 | $5,899 |
Source: Ownwell