Dow, Illinois Property Taxes
The median property tax rate in DOW, IL is 2.12%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in DOW at $135,510, the typical annual property tax bill reaches $2,765, exceeding the national median of $2,690. Property taxes in DOW 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 DOW'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 DOW 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
Dow, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$2,873
$2,666
Ownwell’s DOW Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DOW with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DOW 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 Dow, Illinois
Property taxes in DOW, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in DOW stands at 2.12%, significantly higher than the U.S. national median of 0.99%. Local government entities within DOW set these rates annually, and they can vary significantly across different neighborhoods. Each year, DOW 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 DOW's effective property tax rate to other areas and the national median. For comparison, the zip code 62022 has the highest median property tax rate of 2.12%, while the same zip code also has the lowest median tax rate of 2.12%. Understanding how these areas compare with DOW provides valuable insights into the varying tax landscape across Jersey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dow Tax Rate
2.12%
Average Jersey County Tax Rate
2.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62022 | 1.21% | 1.71% | 2.12% | 2.19% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Dow, Illinois
In DOW, 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 Jersey 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 DOW, 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. Being aware of these valuation processes in DOW helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62022 at $2,765, while the lowest is also 62022 at $2,765.
Average Dow Assessed Value
$135,510
Average Jersey County Assessed Value
$130,268
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62022 | $23,940 | $64,395 | $135,510 | $194,865 | $257,592 |
Source: Ownwell
Property Tax Bills Across Dow, Illinois
In DOW, Jersey County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in this area is $135,510. Local tax authorities determine the assessed value, and then a tax rate is applied. This rate is influenced by various factors, including the budget needs of local government services such as schools, infrastructure, and emergency services. Homeowners in DOW can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is $1,185, while those in the 75th percentile face bills around $4,186. The 90th percentile sees even higher tax bills, reaching up to $5,541. Compared to the national median property tax rate of 0.99%, these figures highlight the variability in tax burdens within the area. These property taxes directly impact homeowners by contributing to the funding of essential community services. However, they also represent a significant annual expense that can influence decisions on homeownership and property investment.
Average Dow Tax Bill
$2,765
Average Jersey County Tax Bill
$2,776
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62022 | $425 | $1,185 | $2,765 | $4,186 | $5,541 |
Source: Ownwell