Good Hope, Illinois Property Taxes
The median property tax rate in Good Hope, IL is 2.79%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Good Hope at $49,107, the typical annual property tax bill reaches $1,371, surpassing the national median of $2,690. Property taxes in Good Hope 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 Good Hope'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 Good Hope 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
Good Hope, 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 Good Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Good Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Good Hope 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 Good Hope, Illinois
Property taxes in Good Hope, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Good Hope is 2.79%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Good Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Good Hope 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 Good Hope's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61438 zip code has the highest median property tax rate of 2.79%, while the same zip code also has the lowest median tax rate of 2.79%. Understanding how these cities compare with Good Hope provides valuable insights into the varying tax landscape across McDonough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Good Hope Tax Rate
2.79%
Average Mcdonough County Tax Rate
3.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Good Hope, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61438 | 2.73% | 2.79% | 2.79% | 2.79% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Good Hope, Illinois
In Good Hope, 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 McDonough 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. 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 Good Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Good Hope is $1371.00 in zip code 61438, while the lowest median tax bill is also $1371.00 in the same zip code.
Average Good Hope Assessed Value
$49,107
Average Mcdonough County Assessed Value
$39,024
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Good Hope, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61438 | $9,575 | $19,038 | $49,107 | $94,167 | $102,679 |
Source: Ownwell
Property Tax Bills Across Good Hope, Illinois
In Good Hope, located in McDonough County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local government determines the assessed value, and then a tax rate, known as the millage rate, is applied to this value to calculate the tax owed. Several factors influence the final tax bill, including the property's size, location, and any applicable exemptions. For instance, the median home price in Good Hope is $49,107, and property taxes can vary significantly. Tax bills in the 25th percentile are around $532, while those in the 75th percentile can reach $2,623. At the 90th percentile, homeowners might pay up to $2,803 annually. These property taxes are essential for funding local services such as schools, emergency services, and infrastructure. However, they can also be a significant expense for homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Good Hope Tax Bill
$1,371
Average Mcdonough County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Good Hope, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61438 | $267 | $532 | $1,371 | $2,623 | $2,803 |
Source: Ownwell