Hillsboro, Illinois Property Taxes
The median property tax rate in Hillsboro, IL is 2.43%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Hillsboro, the typical annual property tax bill reaches $2,314, which is close to the national median of $2,690. Property taxes in Hillsboro 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 Hillsboro'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 Hillsboro 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
Hillsboro, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.43%
Estimate Property Tax Bill
$2,546
$2,488
Ownwell’s Hillsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsboro 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 Hillsboro, Illinois
Property taxes in Hillsboro, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsboro is 2.43%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsboro 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 Hillsboro's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest and lowest median property tax rates in Montgomery County are both 2.43%, as observed in the zip code 62049. Understanding how these cities compare with Hillsboro 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 Hillsboro Tax Rate
2.43%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62049 | 1.54% | 2.09% | 2.43% | 2.70% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Illinois
In Hillsboro, 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 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 Hillsboro, 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 Hillsboro is $104,768, with tax bills ranging from $1,315 at the 25th percentile to $5,375 at the 90th percentile. Notably, the zip code 62049 has both the highest and lowest median tax bill, which is $2,314. 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 Hillsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hillsboro Assessed Value
$104,768
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 Hillsboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62049 | $28,800 | $58,755 | $104,768 | $157,815 | $211,337 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Illinois
In Hillsboro, located in Montgomery 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 tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence this calculation, including the property's location, size, and any improvements made to it. For homeowners in Hillsboro, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is approximately $1,315, while at the 75th percentile, it rises to around $3,892. The 90th percentile sees even higher tax bills, reaching up to $5,375. Compared to the national median property tax rate of 0.99%, Hillsboro's figures reflect a wide range of tax obligations that can impact household budgets differently. Understanding these factors helps homeowners anticipate their financial responsibilities and manage their property investments more effectively.
Average Hillsboro Tax Bill
$2,314
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62049 | $647 | $1,315 | $2,314 | $3,892 | $5,375 |
Source: Ownwell