Hampshire, Illinois Property Taxes
The median property tax rate in Hampshire, IL is 2.50%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $284,025 in Hampshire, the typical annual property tax bill reaches $7,183, far exceeding the national median of $2,690. Property taxes in Hampshire are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hampshire's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hampshire or another part of Kane County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hampshire, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.5%
Estimate Property Tax Bill
$7,101
$6,938
Ownwell’s Hampshire Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampshire with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampshire 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 Hampshire, Illinois
Property taxes in Hampshire, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampshire is 2.50%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hampshire set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampshire 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 Hampshire's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60140 zip code has the highest median property tax rate of 2.50%, while the same 60140 zip code also has the lowest median tax rate of 2.50%. Understanding how these cities compare with Hampshire provides valuable insights into the varying tax landscape across Kane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampshire Tax Rate
2.50%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | 2.17% | 2.33% | 2.50% | 2.77% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Hampshire, Illinois
In Hampshire, 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 Kane County Assessor's 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 Hampshire, 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 Hampshire is $284,025, with property tax bills ranging from $5,286 at the 25th percentile to $10,552 at the 90th percentile. Notably, the highest and lowest median tax bills are both $7,183 in the 60140 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hampshire Assessed Value
$284,025
Average Kane County Assessed Value
$253,745
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | $175,033 | $209,780 | $284,025 | $344,973 | $423,141 |
Source: Ownwell
Property Tax Bills Across Hampshire, Illinois
In Hampshire, located in Kane County, IL, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the tax rate to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Hampshire experience varying tax bills, with the 25th percentile at $5,286 and the 75th percentile at $8,786, reflecting a range of property values and assessments. The highest median tax bill in Hampshire is $7,183, which is significantly higher than the national median property tax rate of 0.99%. This can impact homeowners by increasing the annual cost of owning a property, potentially affecting affordability and financial planning. Understanding these factors is crucial for homeowners to manage their expenses and anticipate changes in their property tax obligations.
Average Hampshire Tax Bill
$7,183
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | $4,275 | $5,286 | $7,183 | $8,786 | $10,552 |
Source: Ownwell