Hanover, Illinois Property Taxes
The median property tax rate in Hanover, IL is 2.92%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hanover, the typical annual property tax bill reaches $915, which is below the national median of $2,690. Property taxes in Hanover 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 Hanover'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 Hanover 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
Hanover, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.92%
Estimate Property Tax Bill
$1,060
$1,036
Ownwell’s Hanover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hanover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hanover 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 Hanover, Illinois
Property taxes in Hanover, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hanover is 2.92%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hanover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hanover 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 Hanover's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61041 zip code has the highest median property tax rate of 2.92%, while the same zip code also has the lowest median tax rate of 2.92%. Understanding how these cities compare with Hanover provides valuable insights into the varying tax landscape across Jo Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hanover Tax Rate
2.92%
Average Jo Daviess County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hanover, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61041 | 1.04% | 1.73% | 2.92% | 3.28% | 3.28% |
Source: Ownwell
Property Tax Assessment Values Across Hanover, Illinois
In Hanover, 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 Jo Daviess 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. 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 Hanover is $36,298, with tax bills ranging from $453 at the 25th percentile to $1,725 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hanover Assessed Value
$36,298
Average Jo Daviess County Assessed Value
$98,005
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hanover, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61041 | $10,491 | $26,146 | $36,298 | $53,390 | $77,301 |
Source: Ownwell
Property Tax Bills Across Hanover, Illinois
In Hanover, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local assessors determine this value, and then the tax rate, set by various taxing authorities such as school districts and municipalities, is applied. For example, homeowners in Hanover face a median property tax rate of 0.99%, aligning with the national median. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. In Hanover, the median home price is $36,298, and the tax bills can vary significantly. The 25th percentile tax bill is $453, while the 75th percentile tax bill reaches $1,245, and the 90th percentile goes up to $1,725. These tax bills can have a substantial impact on homeowners, affecting their annual budgets and overall cost of homeownership. Understanding these components is crucial for homeowners to manage their finances effectively and anticipate their property tax obligations.
Average Hanover Tax Bill
$915
Average Jo Daviess County Tax Bill
$2,492
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hanover, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61041 | $93 | $453 | $915 | $1,245 | $1,725 |
Source: Ownwell