Davis, Illinois Property Taxes
The median property tax rate in Davis, Illinois is 2.75%, 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 being $86,078, the typical annual property tax bill reaches $2,392, which is below the national median of $2,690. Property taxes in Davis 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'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 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
Davis, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.75%
Estimate Property Tax Bill
$2,367
$2,197
Ownwell’s Davis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Davis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Davis 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 Davis, Illinois
Property taxes in Davis, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Davis is 2.75%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Davis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Davis 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's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61019 zip code has both the highest and lowest median property tax rate of 2.75%. Understanding how these cities compare with Davis provides valuable insights into the varying tax landscape across Stephenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Davis Tax Rate
2.75%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Davis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61019 | 2.31% | 2.46% | 2.75% | 3.21% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across Davis, Illinois
In Davis, 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 Stephenson 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 Davis, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,392 in the 61019 zip code, while the lowest is also $2,392 in the same zip code.
Average Davis Assessed Value
$86,078
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 Davis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61019 | $44,961 | $62,848 | $86,078 | $132,008 | $194,700 |
Source: Ownwell
Property Tax Bills Across Davis, Illinois
In Davis, located in Stephenson County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For example, if the median home price in Davis is $86,078, the assessed value will be a fraction of this amount, depending on local assessment practices. Tax rates are then applied to the assessed value to calculate the tax bill. These rates can vary based on the needs of local governments and school districts. Homeowners in Davis can expect their tax bills to range significantly, with the 25th percentile at $1,827 and the 75th percentile at $3,107. The 90th percentile tax bill can go up to $4,961. Compared to the national median property tax rate of 0.99%, Davis homeowners may find their tax burdens higher or lower depending on their property's assessed value and the specific tax rates applied. This variability can significantly impact household finances and the overall cost of homeownership in the area.
Average Davis Tax Bill
$2,392
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Davis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61019 | $1,247 | $1,827 | $2,392 | $3,107 | $4,961 |
Source: Ownwell