Dana, Illinois Property Taxes
The median property tax rate in Dana, IL is 3.68%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Dana at $388,830, the typical annual property tax bill reaches $14,306, exceeding the national median of $2,690. Property taxes in Dana 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 Dana'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 Dana or another part of Livingston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dana, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.68%
Estimate Property Tax Bill
$14,309
$13,982
Ownwell’s Dana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dana 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 Dana, Illinois
Property taxes in Dana, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Dana is 3.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dana 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 Dana's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61321 has the highest median property tax rate of 3.68%, while the same zip code also has the lowest median tax rate of 3.68%. Understanding how these areas compare with Dana provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dana Tax Rate
3.68%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61321 | 3.68% | 3.68% | 3.68% | 3.68% | 3.68% |
Source: Ownwell
Property Tax Assessment Values Across Dana, Illinois
Understanding the difference between "market value" and "assessed value" is essential for grasping property taxes in Dana, Illinois. The market value represents 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 Livingston 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. 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 Dana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61321 has both the highest and lowest median tax bills, each amounting to $14,306.
Average Dana Assessed Value
$388,830
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61321 | $388,830 | $388,830 | $388,830 | $388,830 | $388,830 |
Source: Ownwell
Property Tax Bills Across Dana, Illinois
In Dana, located in Livingston County, IL, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. The tax rate, also known as the millage rate, is then applied to this assessed value to calculate the annual tax bill. Factors that influence the assessed value include the home's location, size, age, and condition, as well as comparable property sales in the area. Homeowners in Dana face property tax bills that can vary significantly depending on these factors. For example, the median home price in Dana is approximately $388,830. The tax bills in the region show a range, with the 25th, 75th, and 90th percentiles all at $14,306, which is significantly higher than the national median property tax rate of 0.99%. This high property tax burden can impact homeowners by increasing their monthly housing costs and potentially affecting their ability to sell or refinance their homes.
Average Dana Tax Bill
$14,306
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61321 | $14,306 | $14,306 | $14,306 | $14,306 | $14,306 |
Source: Ownwell