Thompsonville, Illinois Property Taxes
The median property tax rate in Thompsonville, IL is 1.63%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Thompsonville, the typical annual property tax bill reaches $1,025, exceeding the national median of $2,690. Property taxes in Thompsonville 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 Thompsonville'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 Thompsonville 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
Thompsonville, 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 Thompsonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thompsonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompsonville 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 Hamilton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Thompsonville, Illinois
Property taxes in Thompsonville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thompsonville is 1.63%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Thompsonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thompsonville 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 Thompsonville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62890 zip code has the highest median property tax rate of 1.63%, while the same zip code also has the lowest median tax rate of 1.63%. Understanding how these cities compare with Thompsonville provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thompsonville Tax Rate
1.63%
Average Hamilton County Tax Rate
1.77%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thompsonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62890 | 0.66% | 1.10% | 1.63% | 1.89% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Thompsonville, Illinois
In Thompsonville, 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 Hamilton 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 Thompsonville, 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 Thompsonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62890 has the highest median tax bill at $1,025, illustrating the variations in property tax burdens within the area.
Average Thompsonville Assessed Value
$73,602
Average Hamilton County Assessed Value
$61,740
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thompsonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62890 | $24,239 | $42,398 | $73,602 | $112,055 | $176,585 |
Source: Ownwell
Property Tax Bills Across Thompsonville, Illinois
In Thompsonville, located in Hamilton County, IL, property tax bills are determined based on the assessed value of a property. The assessed value is typically a percentage of the market value of the home. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Various factors influence the tax bill, including the local tax rate, property assessments, and any applicable exemptions or deductions. For homeowners in Thompsonville, the median home price is $73,602. Tax bills can vary significantly, with the 25th percentile at $508 and the 75th percentile reaching $1,725. In some cases, tax bills can be as high as $3,002, as seen in the 90th percentile. The highest median tax bill in the area is $1,025, which is also the lowest median tax bill, indicating uniformity in this specific zip code of 62890. Understanding these factors and how they interact is crucial for homeowners, as property taxes represent a significant annual expense. Comparing these figures to the national median property tax rate of 0.99% can help homeowners gauge their tax obligations more effectively.
Average Thompsonville Tax Bill
$1,025
Average Hamilton County Tax Bill
$1,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Thompsonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62890 | $188 | $508 | $1,025 | $1,725 | $3,002 |
Source: Ownwell