Harvel, Illinois Property Taxes
The median property tax rate in Harvel, IL is 2.63%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Harvel at $170,775, the typical annual property tax bill reaches $4,694, exceeding the national median of $2,690. Property taxes in Harvel 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 Harvel'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 Harvel or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harvel, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$4,491
$4,389
Ownwell’s Harvel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harvel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harvel 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 Harvel, Illinois
Property taxes in Harvel, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harvel is 2.63%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Harvel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harvel 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 Harvel's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62538 has the highest median property tax rate of 2.63%, while the same zip code also has the lowest median tax rate of 2.63%. Understanding how these cities compare with Harvel provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harvel Tax Rate
2.63%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harvel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62538 | 2.45% | 2.50% | 2.63% | 2.91% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Harvel, Illinois
In Harvel, 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 Montgomery 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 Harvel, 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. Harvel’s median home price is $170,775, with the 25th percentile tax bill at $3,360 and the 75th percentile at $5,491. The highest and lowest median tax bills are both $4,694 in the 62538 zip code. Being aware of these valuation processes in Harvel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Harvel Assessed Value
$170,775
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harvel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62538 | $52,380 | $120,525 | $170,775 | $196,838 | $228,990 |
Source: Ownwell
Property Tax Bills Across Harvel, Illinois
In Harvel, located in Montgomery County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, homeowners in Harvel with properties valued at the median home price of $170,775 can expect varying tax bills. At the 25th percentile, tax bills are around $3,360, while at the 75th percentile, they rise to approximately $5,491. The top 10% of tax bills can reach up to $6,552. These property taxes are essential for funding local services such as schools, infrastructure, and emergency services, directly impacting homeowners. Compared to the national median property tax rate of 0.99%, the rates in Harvel reflect the specific fiscal needs and policies of Montgomery County, influencing the overall cost of homeownership in the area.
Average Harvel Tax Bill
$4,694
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Harvel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62538 | $2,010 | $3,360 | $4,694 | $5,491 | $6,552 |
Source: Ownwell