Harvard, Illinois Property Taxes
The median property tax rate in Harvard, IL is 2.78%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Harvard, the typical annual property tax bill reaches $4,993, exceeding the national median of $2,690. Property taxes in Harvard 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 Harvard'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 Harvard 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
Harvard, 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 Harvard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harvard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harvard 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 Harvard, Illinois
Property taxes in Harvard, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harvard is 2.78%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Harvard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harvard 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 Harvard's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60033 zip code has the highest median property tax rate of 2.78%, while the same 60033 zip code also has the lowest median tax rate of 2.78%. Understanding how these cities compare with Harvard provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harvard Tax Rate
2.78%
Average Boone County Tax Rate
2.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harvard, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60033 | 2.38% | 2.65% | 2.78% | 2.98% | 3.13% |
Source: Ownwell
Property Tax Assessment Values Across Harvard, Illinois
In Harvard, 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 Boone 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 Harvard, 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 Harvard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Harvard are both $4,993, occurring in the 60033 zip code, which is considerably higher than the national median property tax rate of 0.99%.
Average Harvard Assessed Value
$186,312
Average Boone County Assessed Value
$166,186
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harvard, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60033 | $85,031 | $148,610 | $186,312 | $240,218 | $304,770 |
Source: Ownwell
Property Tax Bills Across Harvard, Illinois
In Harvard, located in Boone County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For context, the median home price in Harvard is $186,312. Homeowners in this area can expect their property tax bills to vary significantly. The tax bill for the 25th percentile is $4,204, while those in the 75th percentile face a bill of $6,408. At the 90th percentile, the tax bill can reach up to $7,991. Notably, the highest and lowest median tax bills in Harvard are both $4,993, reflecting a consistent tax rate across the city. Compared to the national median property tax rate of 0.99%, Harvard's property taxes can be considerably higher, impacting homeowners' financial planning and overall cost of living.
Average Harvard Tax Bill
$4,993
Average Boone County Tax Bill
$4,339
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Harvard, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60033 | $2,354 | $4,204 | $4,993 | $6,408 | $7,991 |
Source: Ownwell