Danvers, Illinois Property Taxes
The median property tax rate in Danvers, IL is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Danvers at $273,628, the typical annual property tax bill reaches $6,652, exceeding the national median of $2,690. Property taxes in Danvers are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Danvers' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Danvers 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
Danvers, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$5,774
$5,358
Ownwell’s Danvers Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Danvers with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Danvers 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 Danvers, Illinois
Property taxes in Danvers, Illinois, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Danvers is 2.11%, significantly higher than the U.S. national median of 0.99%. Local government entities within Danvers set these rates annually, and they can vary across different neighborhoods. Each year, Danvers 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 Danvers' effective property tax rate to other regions in Illinois and the national median. For comparison, the zip code 61732 has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these areas compare with Danvers provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Danvers Tax Rate
2.11%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Danvers, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61732 | 2.11% | 2.11% | 2.11% | 2.11% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Danvers, Illinois
In Danvers, 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 Woodford 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 Danvers, 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. The median home price in Danvers stands at $273,628, with the median tax bill at $6,652, which can vary depending on the specific zip code. For instance, the highest and lowest median tax bills both occur in zip code 61732 at $6,652. 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 Danvers helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Danvers Assessed Value
$273,628
Average Woodford County Assessed Value
$138,837
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Danvers, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61732 | $240,740 | $253,073 | $273,628 | $294,184 | $306,517 |
Source: Ownwell
Property Tax Bills Across Danvers, Illinois
In Danvers, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The assessed value is typically a percentage of the market value of the property, which is determined by the county assessor. Various factors, such as property size, location, and improvements, are considered to establish this value. Homeowners in Danvers experience a median property tax bill of $6,652, which significantly exceeds the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing the overall cost of owning a home, influencing decisions on property investments, and potentially affecting the local real estate market. Understanding how property tax bills are calculated is crucial for homeowners to anticipate their financial obligations and make informed decisions about their properties. By staying informed, they can better manage their budgets and plan for future expenses related to property ownership.
Average Danvers Tax Bill
$6,652
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Danvers, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61732 | $6,652 | $6,652 | $6,652 | $6,652 | $6,652 |
Source: Ownwell