Dahinda, Illinois Property Taxes
The median property tax rate in Dahinda, IL is 2.52%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Dahinda at $264,660, the typical annual property tax bill reaches $6,137, far exceeding the national median of $2,690. Property taxes in Dahinda 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 Dahinda'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 Dahinda or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dahinda, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.52%
Estimate Property Tax Bill
$6,669
$6,189
Ownwell’s Dahinda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dahinda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dahinda 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 Dahinda, Illinois
Property taxes in Dahinda, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dahinda is 2.52%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dahinda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dahinda 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 Dahinda's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61428 has both the highest and lowest median property tax rate of 2.52%. Understanding how these cities compare with Dahinda provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dahinda Tax Rate
2.52%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dahinda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61428 | 1.68% | 2.25% | 2.52% | 2.68% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Dahinda, Illinois
In Dahinda, 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 Knox 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 Dahinda, 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 Dahinda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61428 has the highest and lowest median tax bill, both valued at $6137.
Average Dahinda Assessed Value
$264,660
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dahinda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61428 | $90,846 | $156,585 | $264,660 | $397,590 | $554,712 |
Source: Ownwell
Property Tax Bills Across Dahinda, Illinois
In Dahinda, located in Knox County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor. Homeowners in Dahinda experience varying tax bills, with the 25th percentile tax bill at $3,428 and the 75th percentile reaching $9,756. The highest median tax bill in the area is $6,137, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is crucial as they directly impact annual financial obligations. Being aware of the assessed value and how it compares to the market value can help homeowners anticipate their tax bills and budget accordingly.
Average Dahinda Tax Bill
$6,137
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dahinda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61428 | $1,655 | $3,428 | $6,137 | $9,756 | $13,098 |
Source: Ownwell