Davis Junction, Illinois Property Taxes
The median property tax rate in Davis Junction, IL is 2.49%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Davis Junction at $181,716, the typical annual property tax bill reaches $4,524, exceeding the national median of $2,690. Property taxes in Davis Junction 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 Davis Junction'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 Davis Junction or another part of Ogle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Davis Junction, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$4,525
$4,199
Ownwell’s Davis Junction Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Davis Junction with just two data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Davis Junction to project your property tax bill. This valuable tool provides a clear understanding of potential tax liabilities. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Davis Junction, Illinois
Property taxes in Davis Junction, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Davis Junction is 2.49%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Davis Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Davis Junction 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 Davis Junction's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61020 zip code has the highest median property tax rate of 2.49%, while the same zip code also has the lowest median tax rate of 2.49%. Understanding how these cities compare with Davis Junction provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Davis Junction Tax Rate
2.49%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Davis Junction, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61020 | 2.14% | 2.38% | 2.49% | 2.53% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Davis Junction, Illinois
In Davis Junction, 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 Ogle County Assessment Office 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 Davis Junction, 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 Davis Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Davis Junction is $181,716, with tax bills ranging from $3,720 at the 25th percentile to $5,893 at the 90th percentile. The zip code with the highest and lowest median tax bill is 61020, both at $4,524.
Property Tax Assessment Values Across Davis Junction, Illinois
Source: Ownwell
$73,428
$231,909
$390,390
Average Davis Junction Assessed Value
$181,716
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Davis Junction, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61020 | $125,471 | $156,003 | $181,716 | $205,716 | $233,146 |
Source: Ownwell
Property Tax Bills Across Davis Junction, Illinois
In Davis Junction, located in Ogle County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is typically a percentage of the market value of the property. For homeowners in Davis Junction, the median home price is $181,716. The property tax rate in this area significantly impacts the tax bill, with the national median property tax rate being 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill in Davis Junction is $3,720, while the 75th percentile tax bill reaches $5,208. Homeowners at the 90th percentile see tax bills as high as $5,893. These figures indicate that property taxes in Davis Junction can vary widely, affecting homeowners differently based on their property's assessed value and eligibility for exemptions. By understanding these factors, homeowners can better anticipate their annual property tax obligations.
Average Davis Junction Tax Bill
$4,524
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Davis Junction, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61020 | $2,750 | $3,720 | $4,524 | $5,208 | $5,893 |
Source: Ownwell