Dwight, Illinois Property Taxes
The median property tax rate in Dwight, IL is 3.05%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Dwight at $157,446, the typical annual property tax bill reaches $5,042, 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
3.05%
Estimate Property Tax Bill
$4,802
$4,692
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 3.05%, significantly higher than 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 areas and the national median. For comparison, the 60420 zip code has the same median property tax rate of 3.05%. Understanding how these areas compare with Dwight 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 Dwight Tax Rate
3.05%
Average Livingston County Tax Rate
3.02%
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 | 2.36% | 2.61% | 3.05% | 3.05% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Dwight, Illinois
In Dwight, 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 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. 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. 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 Dwight helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 60420 in Dwight has the highest and lowest median tax bill, both at $5042.
Average Dwight Assessed Value
$157,446
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 Dwight, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60420 | $56,397 | $100,806 | $157,446 | $250,502 | $350,646 |
Source: Ownwell
Property Tax Bills Across Dwight, Illinois
In Dwight, located in Livingston County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, Dwight homeowners with a median home price of $157,446 can expect varying tax bills. The 25th percentile tax bill is around $3,103, while those in the 75th percentile face bills up to $7,830, and the 90th percentile reaches as high as $11,194. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Dwight’s property taxes can significantly impact homeowners, especially those with higher-valued homes. Understanding these components is crucial for homeowners to anticipate their annual expenses and manage their budgets effectively.
Average Dwight Tax Bill
$5,042
Average Livingston County Tax Bill
$4,592
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 | $2,108 | $3,103 | $5,042 | $7,830 | $11,194 |
Source: Ownwell