Hopewell, Illinois Property Taxes
The median property tax rate in Hopewell, IL is 1.76%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hopewell, the typical annual property tax bill reaches $965, which is below the national median of $2,690. Property taxes in Hopewell 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 Hopewell'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 Hopewell 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
Hopewell, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$968
$946
Ownwell’s Hopewell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopewell 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 Hopewell, Illinois
Property taxes in Hopewell, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopewell is 1.76%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hopewell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopewell 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 Hopewell's effective property tax rate to other areas and the national median. For comparison, the 61565 zip code has both the highest and lowest median property tax rate of 1.76%. Understanding how these areas compare with Hopewell provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopewell Tax Rate
1.76%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopewell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61565 | 1.76% | 1.76% | 1.76% | 1.76% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Hopewell, Illinois
In Hopewell, 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 Marshall 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 Hopewell, 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 Hopewell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hopewell is $54,999, with the highest and lowest median tax bills both being $965 in zip code 61565.
Average Hopewell Assessed Value
$54,999
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopewell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61565 | $54,999 | $54,999 | $54,999 | $54,999 | $54,999 |
Source: Ownwell
Property Tax Bills Across Hopewell, Illinois
In Hopewell, located in Marshall County, IL, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate to calculate the tax bill. For example, with a median home price of $54,999, homeowners in Hopewell can expect a median property tax bill of $965. This figure is consistent across various percentiles, indicating a stable tax rate within the region. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can affect the assessed value and, consequently, the tax bill. Homeowners should be aware that property taxes fund essential services like schools, public safety, and infrastructure, making them a crucial part of community development. Compared to the national median property tax rate of 0.99%, Hopewell's tax rate results in a relatively moderate tax bill, providing a balanced approach to funding local services without overburdening homeowners.
Average Hopewell Tax Bill
$965
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopewell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61565 | $965 | $965 | $965 | $965 | $965 |
Source: Ownwell