De Soto, Illinois Property Taxes
The median property tax rate in De Soto, IL is 2.34%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in De Soto at $33,315, the typical annual property tax bill reaches $639, which is significantly lower than the national median of $2,690. Property taxes in De Soto 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 De Soto'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 De Soto or another part of Williamson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
De Soto, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s DE SOTO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DE SOTO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DE SOTO 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 De Soto, Illinois
Property taxes in De Soto, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in De Soto is 2.34%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within De Soto set these rates annually, and they can vary significantly across different neighborhoods. Each year, De Soto 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 De Soto's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in the region is also 2.34%, found in the 62924 zip code, while the lowest median tax rate is similarly 2.34% in the same zip code. Understanding how these cities compare with De Soto provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average De Soto Tax Rate
2.34%
Average Williamson County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across De Soto, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62924 | 0.91% | 1.50% | 2.34% | 2.47% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across De Soto, Illinois
In De Soto, 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 Williamson 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 De Soto, 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. The median home price in De Soto is $33,315, with tax bills ranging from $216 at the 25th percentile to $2,633 at the 90th percentile. The highest and lowest median tax bill is $639 in zip code 62924. Being aware of these valuation processes in De Soto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average De Soto Assessed Value
$33,315
Average Williamson County Assessed Value
$85,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across De Soto, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62924 | $4,953 | $16,695 | $33,315 | $67,192 | $125,637 |
Source: Ownwell
Property Tax Bills Across De Soto, Illinois
In De Soto, 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 typically represents a percentage of the property's market value. Homeowners in Williamson County, where De Soto is located, can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $216, while the 75th percentile tax bill rises to $1302, and the 90th percentile tax bill can go as high as $2633. These figures highlight the range of property taxes that homeowners might face, depending on their property's assessed value and the applicable tax rates. Factors such as the property's location, size, and condition, as well as local government budgets and funding needs, play crucial roles in determining the final tax bill. With a median home price of $33,315, homeowners in De Soto experience property tax rates that can be compared to the national median property tax rate of 0.99%, offering a perspective on how local rates align with national trends.
Average De Soto Tax Bill
$639
Average Williamson County Tax Bill
$1,802
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across De Soto, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62924 | $83 | $216 | $639 | $1,302 | $2,633 |
Source: Ownwell