Waterman, Dekalb County, Illinois Property Taxes

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

Median Waterman, IL effective property tax rate: 2.49%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Waterman, IL home value: $181,076
Median annual Waterman, IL tax bill: $4,475, $2,075 higher than the national median property tax bill of $2,400.

How are property taxes in DeKalb calculated?

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

Last Updated March 1, 2025

Waterman, Dekalb County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.49%

Estimate Property Tax Bill

$4,509

$4,184

Ownwell’s Waterman Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Waterman with just two data points. By entering your property's estimated assessed value, our calculator applies Waterman’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 DeKalb. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Waterman, Dekalb County, Illinois

Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides 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. Below, you can compare Waterman’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Waterman in DeKalb County, Illinois, is subject to a property tax rate of 2.49%, which is significantly higher than the national median rate of 1.02%. This higher rate reflects the county's approach to funding public services and infrastructure. The median property tax rate in Illinois, represented by Waterman, is among the highest in the nation. This means that homeowners in Waterman pay more in property taxes compared to the national median property tax bill of $2400. Understanding these rates can help property owners make informed decisions about their investments and financial planning.

Property Tax Rates Across Waterman, Dekalb County, Illinois

Source: Ownwell

2.35%

2.89%

3.43%

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 Waterman Taxx Rate

2.49%

Median Effective Dekalb County Taxx Rate

2.86%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Waterman, Dekalb County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60556	2.10%	2.32%	2.49%	2.74%	2.87%

Source: Ownwell

Property Tax Assessment Values Across Waterman, Dekalb County, Illinois

When examining property taxes in Waterman, 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 DeKalb 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. Assessment notices: In DeKalb County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Waterman. For example, the median home price in Waterman is $181,076, with tax bills ranging significantly across the county. Zip code 60556 has the highest median home price at $181,076.

Property Tax Assessment Values Across Waterman, Dekalb County, Illinois

Source: Ownwell

$145,544

$224,239

$302,934

Median Waterman Market Value

$181,076

Median Dekalb County Market Value

$185,016

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Waterman, Dekalb County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60556	$113,350	$142,003	$181,076	$221,751	$268,036

Source: Ownwell

Property Tax Bills Across Waterman, Dekalb County, Illinois

In Waterman, located in DeKalb County, 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 a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. In Waterman, the median property tax bill is $4,475, significantly higher than the national median of $2,400. This can place a considerable financial burden on homeowners, especially when compared to the national median property tax rate of 1.02%.

Homeowners in Waterman can benefit from Ownwell's services, which specialize in property tax appeals and exemptions. By reviewing the assessed value of your property and comparing it to similar properties, Ownwell can identify potential discrepancies and help you file an appeal. This process can lead to a reduction in your property tax bill, providing significant savings. With Ownwell's expertise, homeowners can navigate the complex property tax system and ensure they are not overpaying.

Property Tax Bills Across Waterman, Dekalb County, Illinois

Source: Ownwell

$3,270

$5,340

$7,410

Median Waterman Tax Bill

$4,475

Median Dekalb County Tax Bill

$5,206

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Waterman, Dekalb County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60556	$2,595	$3,359	$4,475	$5,579	$7,448

Source: Ownwell