Davis, Illinois Property Taxes
The median property tax rate in Davis, IL is 2.41%, 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, the typical annual property tax bill reaches $3,872, exceeding 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
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
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 crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Davis is 2.41%, 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 2.41%. Understanding how these cities compare with Davis provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Davis Tax Rate
2.41%
Average Winnebago County Tax Rate
2.78%
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 | 1.67% | 2.21% | 2.41% | 2.72% | 2.72% |
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 Winnebago County Assessor 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 zip code with the highest median tax bill is 61019, with a median of $3,872, while the lowest median tax bill is also in zip code 61019, with the same median value.
Average Davis Assessed Value
$165,921
Average Winnebago County Assessed Value
$119,208
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 | $109,857 | $135,996 | $165,921 | $211,728 | $268,268 |
Source: Ownwell
Property Tax Bills Across Davis, Illinois
In Davis, Winnebago County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The local tax rate, which is applied to this assessed value, plays a crucial role in determining the final tax bill. Homeowners in Davis experience a range of property tax bills, with the 25th percentile at $2,848 and the 75th percentile reaching $5,173. For those at the 90th percentile, tax bills can go up to $6,820. These tax bills are influenced by various factors, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Davis homeowners might find their tax rates relatively high, impacting their annual financial planning. Understanding these factors can help homeowners anticipate their property tax liabilities and budget accordingly.
Average Davis Tax Bill
$3,872
Average Winnebago County Tax Bill
$3,116
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 | $2,126 | $2,848 | $3,872 | $5,173 | $6,820 |
Source: Ownwell