Dorsey, Illinois Property Taxes
The median property tax rate in Dorsey, IL is 2.01%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Dorsey, the typical annual property tax bill reaches $3,539, exceeding the national median of $2,690. Property taxes in Dorsey 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 Dorsey'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 Dorsey 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
Dorsey, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$3,696
$3,430
Ownwell’s Dorsey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dorsey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dorsey 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 Dorsey, Illinois
Property taxes in Dorsey, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Dorsey is 2.01%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dorsey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dorsey 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 Dorsey's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62021 has both the highest and lowest median property tax rate of 2.01%. Understanding how these cities compare with Dorsey provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dorsey Tax Rate
2.01%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dorsey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62021 | 1.48% | 1.83% | 2.01% | 2.12% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Dorsey, Illinois
In Dorsey, 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 Madison 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 Dorsey, 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. For example, the median home price in Dorsey is $183,888, with tax bills ranging from $2,262 at the 25th percentile to $6,510 at the 90th percentile. The highest and lowest median tax bills, both at $3,539, are found in zip code 62021. 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 Dorsey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dorsey Assessed Value
$183,888
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dorsey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62021 | $86,267 | $128,521 | $183,888 | $250,841 | $321,463 |
Source: Ownwell
Property Tax Bills Across Dorsey, Illinois
In Dorsey, Madison 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 local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the home's market value, the local tax rate, and any applicable exemptions or deductions. For homeowners in Dorsey, the median home price is $183,888. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,262 and the 75th percentile reaching $4,985. The 90th percentile tax bill can be as high as $6,510. These figures illustrate the range of property tax obligations homeowners might face, depending on their home's assessed value and any qualifying exemptions. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how property taxes in Dorsey align with broader trends. For residents, understanding these factors is crucial for financial planning and managing homeownership costs effectively.
Average Dorsey Tax Bill
$3,539
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dorsey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62021 | $1,425 | $2,262 | $3,539 | $4,985 | $6,510 |
Source: Ownwell