Dakota, Illinois Property Taxes
The median property tax rate in Dakota, IL is 3.48%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $78,687 in Dakota, the typical annual property tax bill reaches $2,740, which is just below the national median of $2,690. Property taxes in Dakota are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Dakota'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 Dakota 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
Dakota, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.48%
Estimate Property Tax Bill
$2,738
$2,676
Ownwell’s Dakota Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dakota with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dakota 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 Dakota, Illinois
Property taxes in Dakota, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dakota is 3.48%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dakota set these rates annually, and they can vary across different neighborhoods. Each year, Dakota 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. Understanding how Dakota's effective property tax rate compares to other areas in Illinois and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dakota Tax Rate
3.48%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dakota, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61018 | 2.74% | 3.37% | 3.48% | 3.49% | 3.69% |
Source: Ownwell
Property Tax Assessment Values Across Dakota, Illinois
In Dakota, 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 local 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 Dakota, 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 Dakota helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 61018 has both the highest and lowest median tax bills, each at $2740.
Average Dakota Assessed Value
$78,687
Average Stephenson County Assessed Value
$60,276
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dakota, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61018 | $20,436 | $58,748 | $78,687 | $110,958 | $165,255 |
Source: Ownwell
Property Tax Bills Across Dakota, Illinois
In Dakota, located in Stephenson County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Various factors contribute to the final tax bill, including the home's location, size, and any applicable exemptions or deductions. For Dakota homeowners, the median home price is $78,687. Property tax bills in the area can vary significantly. For instance, the 25th percentile tax bill is $1,757, while the 75th percentile reaches $3,999. At the higher end, the 90th percentile tax bill can be as much as $6,091. These tax rates impact homeowners by influencing their annual housing costs. Compared to the national median property tax rate of 0.99%, Dakota's property tax rates can represent a significant financial consideration for residents, affecting decisions about home ownership and budgeting. The highest median tax bill in the region is $2,740, found in the 61018 zip code.
Average Dakota Tax Bill
$2,740
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dakota, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61018 | $665 | $1,757 | $2,740 | $3,999 | $6,091 |
Source: Ownwell