Paw Paw, Illinois Property Taxes
The median property tax rate in Paw Paw, IL is 2.98%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Paw Paw at $235,185, the typical annual property tax bill reaches $5,440, exceeding the national median of $2,690. Property taxes in Paw Paw 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 Paw Paw'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 Paw Paw or another part of DeKalb County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paw Paw, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$7,009
$6,504
Ownwell’s Paw Paw Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Paw Paw with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Paw Paw to estimate your property tax bill. This valuable 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 Paw Paw, Illinois
Property taxes in Paw Paw, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paw Paw is 2.98%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Paw Paw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paw Paw 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 Paw Paw's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61353 zip code has the highest median property tax rate of 2.98%, while the same zip code also has the lowest median tax rate of 2.98%. Understanding how these cities compare with Paw Paw provides valuable insights into the varying tax landscape across DeKalb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paw Paw Tax Rate
2.98%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paw Paw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61353 | 2.47% | 2.70% | 2.98% | 3.74% | 6.00% |
Source: Ownwell
Property Tax Assessment Values Across Paw Paw, Illinois
In Paw Paw, 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 DeKalb 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 Paw Paw, 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. With a median home price of $235,185, property tax bills can vary significantly, with the 25th percentile bill at $5,197 and the 75th percentile bill at $6,746. The highest median tax bill is $5,440 in zip code 61353. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Paw Paw Assessed Value
$235,185
Average Dekalb County Assessed Value
$185,016
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paw Paw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61353 | $80,324 | $174,501 | $235,185 | $249,993 | $339,538 |
Source: Ownwell
Property Tax Bills Across Paw Paw, Illinois
In Paw Paw, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. Various factors, such as the property's size, age, location, and improvements, influence this assessment. Homeowners in Paw Paw face property tax bills that can vary significantly. For instance, the 25th percentile tax bill is $5,197, while the 75th percentile reaches $6,746, and the 90th percentile can be as high as $11,658. Compared to the national median property tax rate of 0.99%, homeowners in Paw Paw may experience higher tax rates depending on their property's assessed value and the specific tax levies imposed by local taxing authorities. These tax bills fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. As a result, understanding how these factors influence property tax calculations is crucial for homeowners in managing their financial obligations.
Average Paw Paw Tax Bill
$5,440
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Paw Paw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61353 | $2,869 | $5,197 | $5,440 | $6,746 | $11,658 |
Source: Ownwell