Kewanee, Illinois Property Taxes
The median property tax rate in Kewanee, IL is 2.55%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kewanee at $49,584, the typical annual property tax bill reaches $1,266, exceeding the national median of $2,690. Property taxes in Kewanee 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 Kewanee'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 Kewanee 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
Kewanee, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.55%
Estimate Property Tax Bill
$1,264
$1,173
Ownwell’s Kewanee Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Kewanee with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Kewanee to provide an estimate of your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Kewanee, Illinois
Property taxes in Kewanee, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kewanee is 2.55%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kewanee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kewanee 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 Kewanee's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61443 zip code has the highest median property tax rate of 2.55%, while the same zip code also has the lowest median tax rate of 2.55%. Understanding how these cities compare with Kewanee provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kewanee Tax Rate
2.55%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kewanee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61443 | 1.30% | 1.92% | 2.55% | 3.69% | 3.75% |
Source: Ownwell
Property Tax Assessment Values Across Kewanee, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kewanee, 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 Henry County Appraisal District 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 Kewanee, 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. Kewanee's median home price is $49,584, with tax bills ranging from $718 at the 25th percentile to $3,867 at the 90th percentile. The highest and lowest median tax bills are both $1,266 in the 61443 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kewanee Assessed Value
$49,584
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kewanee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61443 | $22,830 | $33,836 | $49,584 | $80,701 | $139,361 |
Source: Ownwell
Property Tax Bills Across Kewanee, Illinois
In Kewanee, located in Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For homeowners in Kewanee, the median home price is $49,584. Property tax rates in this area are determined by local taxing authorities and can significantly affect the overall tax bill. For instance, the 25th percentile of tax bills is $718, while the 75th percentile reaches $2,223, and the 90th percentile goes up to $3,867. These variations illustrate how different factors, such as property location, home value, and local tax rates, influence the amount homeowners are required to pay. The median tax bill in Kewanee stands at $1,266, which is relatively higher compared to the national median property tax rate of 0.99%. Understanding these elements is crucial for homeowners as they plan their finances and consider the long-term costs of property ownership in Kewanee.
Average Kewanee Tax Bill
$1,266
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kewanee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61443 | $385 | $718 | $1,266 | $2,223 | $3,867 |
Source: Ownwell