Dwight, Illinois Property Taxes
The median property tax rate in Dwight, IL is 3.14%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Dwight, the typical annual property tax bill reaches $3,378, exceeding the national median of $2,690. Property taxes in Dwight 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 Dwight'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 Dwight 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
Dwight, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$2,895
$2,829
Ownwell’s Dwight Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dwight with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dwight 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 Dwight, Illinois
Property taxes in Dwight, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dwight is 3.14%, significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dwight set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dwight 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 Dwight's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60420 zip code has the highest median property tax rate of 3.14%, while the same zip code also has the lowest median tax rate of 3.14%. Understanding how these areas compare with Dwight provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dwight Tax Rate
3.14%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dwight, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60420 | 2.43% | 2.84% | 3.14% | 3.35% | 3.56% |
Source: Ownwell
Property Tax Assessment Values Across Dwight, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Dwight, Illinois. 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 Grundy 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 Dwight, 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 in Dwight is $92,187, with tax bills ranging from $2,051 at the 25th percentile to $9,104 at the 90th percentile. The highest and lowest median tax bills, both at $3,378, are found in the 60420 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 Dwight Assessed Value
$92,187
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dwight, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60420 | $20,944 | $53,637 | $92,187 | $182,730 | $290,123 |
Source: Ownwell
Property Tax Bills Across Dwight, Illinois
In Dwight, located in Grundy County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is a percentage of the property's market value. For instance, the median home price in Dwight is $92,187. Once the assessed value is established, local tax rates, also known as millage rates, are applied. These rates are influenced by the funding needs of local services such as schools, emergency services, and infrastructure maintenance. Homeowners in Dwight experience a range of property tax bills. At the 25th percentile, the tax bill is approximately $2,051, while at the 75th percentile, it rises to around $6,366. The highest tax bills, at the 90th percentile, can reach up to $9,104. These figures highlight the significant impact property taxes can have on homeowners, varying widely based on property values and local tax rates. Compared to the national median property tax rate of 0.99%, the tax burden in Dwight can be considerable, affecting household budgets and financial planning.
Average Dwight Tax Bill
$3,378
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dwight, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60420 | $961 | $2,051 | $3,378 | $6,366 | $9,104 |
Source: Ownwell