Durand, Illinois Property Taxes
The median property tax rate in Durand, IL is 2.51%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Durand, the typical annual property tax bill reaches $2,537, slightly below the national median of $2,690. Property taxes in Durand 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 Durand'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 Durand or another part of Winnebago County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Durand, 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 Durand Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Durand with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Durand 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 Durand, Illinois
Property taxes in Durand, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Durand is 2.51%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Durand set these rates annually, and they can vary significantly across different neighborhoods. Each year, Durand 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 Durand's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61024 zip code has the highest median property tax rate of 2.51%, while the 61024 zip code also has the lowest median tax rate of 2.51%. Understanding how these cities compare with Durand 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 Durand Tax Rate
2.51%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Durand, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61024 | 1.72% | 2.31% | 2.51% | 2.82% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across Durand, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Durand, Illinois. The market value represents 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 Durand, 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 Durand 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 $2,537 in the 61024 zip code, which is also the lowest median tax bill.
Average Durand Assessed Value
$114,228
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 Durand, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61024 | $11,313 | $29,252 | $114,228 | $159,466 | $214,719 |
Source: Ownwell
Property Tax Bills Across Durand, Illinois
In Durand, Winnebago County, IL, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine your annual property tax bill. Several factors influence the final tax amount, including the home's location, its assessed value, and any applicable exemptions. For instance, the median home price in Durand is $114,228. Homeowners at the 25th percentile of tax bills pay around $691 annually, while those at the 75th percentile face a tax bill of approximately $3,839. At the 90th percentile, the tax bill can reach up to $5,241. These figures highlight the variation in property taxes within the area, influenced by individual property assessments and local tax rates. Homeowners in Durand should be aware that their property taxes can significantly impact their annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help in planning and budgeting for these recurring costs.
Average Durand Tax Bill
$2,537
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Durand, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61024 | $34 | $691 | $2,537 | $3,839 | $5,241 |
Source: Ownwell