Waterman, Illinois Property Taxes
The median property tax rate in Waterman, IL is 2.49%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Waterman at $181,076, the typical annual property tax bill reaches $4,475, exceeding the national median of $2,690. Property taxes in Waterman 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 Waterman'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 Waterman 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
Waterman, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Waterman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterman 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 Waterman, Illinois
Property taxes in Waterman, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterman is 2.49%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Waterman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterman 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 Waterman's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60556 zip code has both the highest and lowest median property tax rate of 2.49%. Understanding how these areas compare with Waterman 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 Waterman Tax Rate
2.49%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterman, 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, Illinois
In Waterman, 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 Waterman, 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. For instance, the median home price is $181,076, with tax bills ranging from $3,359 at the 25th percentile to $7,448 at the 90th percentile. The highest and lowest median tax bills, both at $4,475, are found in the 60556 zip code. 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 Waterman Assessed Value
$181,076
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 Waterman, 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, Illinois
Property tax bills in Waterman, DeKalb County, IL, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. For instance, if the median home price in Waterman is $181,076, the assessed value would be a fraction of this amount. Various factors, such as property size, location, and improvements, can influence this assessment. Once the assessed value is established, local tax rates are applied to calculate the tax bill. In Waterman, tax bills can vary significantly. For example, the 25th percentile tax bill is $3,359, while the 75th percentile tax bill is $5,579. At the higher end, the 90th percentile tax bill reaches $7,448. These figures indicate that property taxes in Waterman can be quite substantial compared to the national median property tax rate of 0.99%. High property tax bills can affect homeowners by increasing the overall cost of owning a home, potentially influencing decisions on buying or selling property in the area.
Average Waterman Tax Bill
$4,475
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterman, 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