Hampton, Illinois Property Taxes
The median property tax rate in Hampton, IL is 2.94%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hampton at $107,319, the typical annual property tax bill reaches $3,208, exceeding the national median of $2,690. Property taxes in Hampton 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 Hampton'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 Hampton 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
Hampton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.94%
Estimate Property Tax Bill
$3,155
$3,083
Ownwell’s Hampton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampton 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 Hampton, Illinois
Property taxes in Hampton, Illinois, are crucial for funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Hampton is 2.94%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary across different neighborhoods. Each year, Hampton 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. Understanding how these rates compare within Rock Island County provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampton Tax Rate
2.94%
Average Rock Island County Tax Rate
2.90%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61256 | 1.71% | 2.77% | 2.94% | 2.94% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Hampton, Illinois
In Hampton, 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 Rock Island 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 Hampton, 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. For instance, the median home price in Hampton is $107,319, with tax bills ranging significantly. The 25th percentile tax bill is $2,146, while the 75th percentile reaches $4,588, and the 90th percentile can soar to $8,163. The highest and lowest median tax bills are both $3,208 in the 61256 zip code. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hampton Assessed Value
$107,319
Average Rock Island County Assessed Value
$104,406
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61256 | $76,854 | $79,912 | $107,319 | $156,064 | $277,678 |
Source: Ownwell
Property Tax Bills Across Hampton, Illinois
In Hampton, located in Rock Island County, IL, property tax bills are determined by assessing the market value of a home and then applying the local tax rate to that value. The assessed value is typically a percentage of the market value, which is then multiplied by the tax rate set by local taxing authorities. Various factors influence the tax bill, including the home's location, size, and any applicable exemptions or deductions. For homeowners in Hampton, the property tax rate can significantly impact annual expenses. The median home price in the area is $107,319, and property tax bills can vary widely. For instance, the 25th percentile tax bill is around $2,146, while the 75th percentile tax bill reaches $4,588, and the 90th percentile tax bill can be as high as $8,163. This variation highlights the importance of understanding how property taxes are calculated and the potential financial implications for homeowners. Compared to the national median property tax rate of 0.99%, these figures illustrate the local tax burden residents may face.
Average Hampton Tax Bill
$3,208
Average Rock Island County Tax Bill
$2,928
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61256 | $1,305 | $2,146 | $3,208 | $4,588 | $8,163 |
Source: Ownwell