Holcomb, Illinois Property Taxes
The median property tax rate in Holcomb, IL is 2.42%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Holcomb, the typical annual property tax bill reaches $2,346, which is below the national median of $2,690. Property taxes in Holcomb 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 Holcomb'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 Holcomb 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
Holcomb, 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 Holcomb Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holcomb with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holcomb 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 Holcomb, Illinois
Property taxes in Holcomb, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holcomb is 2.42%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Holcomb set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holcomb 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 Holcomb's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61043 zip code has the highest median property tax rate of 2.42%, while the same zip code also has the lowest median tax rate of 2.42%. Understanding how these cities compare with Holcomb provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holcomb Tax Rate
2.42%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holcomb, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61043 | 1.64% | 2.10% | 2.42% | 2.67% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Holcomb, Illinois
In Holcomb, 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 Ogle 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 Holcomb helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Holcomb is $2,346 in zip code 61043, while the lowest median tax bill is also $2,346 in the same zip code.
Average Holcomb Assessed Value
$102,861
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holcomb, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61043 | $52,298 | $85,714 | $102,861 | $126,000 | $146,459 |
Source: Ownwell
Property Tax Bills Across Holcomb, Illinois
In Holcomb, located in Ogle County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For context, the national median property tax rate is 0.99%. Several factors influence the assessed value, including the property's location, size, and condition. In Holcomb, the median home price is $102,861. Homeowners in the 25th percentile can expect tax bills around $1,678, while those in the 75th percentile might see bills up to $3,132. At the 90th percentile, tax bills can reach as high as $3,802. These tax bills significantly impact homeowners by affecting their overall housing costs and potentially influencing their ability to sell or refinance their homes. Understanding how these taxes are calculated can help homeowners better plan their finances and seek potential exemptions or appeals if necessary.
Average Holcomb Tax Bill
$2,346
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Holcomb, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61043 | $1,200 | $1,678 | $2,346 | $3,132 | $3,802 |
Source: Ownwell