Tampico, Illinois Property Taxes
The median property tax rate in Tampico, 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 Tampico at $145,108, the typical annual property tax bill reaches $3,336, exceeding the national median of $2,690. Property taxes in Tampico 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 Tampico'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 Tampico or another part of Henry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tampico, 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 Tampico Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tampico with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Tampico to provide an estimate of your property tax bill. This helpful tool allows you to understand your potential tax liabilities better. For those interested in more detailed trends at the neighborhood level, additional localized information is available as you scroll down. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Tampico, Illinois
Property taxes in Tampico, Illinois, are essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Tampico is 2.42%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Tampico set these rates annually, which can result in significant variations across different neighborhoods. Each year, Tampico 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 Tampico's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61283 has both the highest and lowest median property tax rate of 2.42%. Understanding how these cities compare with Tampico provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tampico Tax Rate
2.42%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tampico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61283 | 2.15% | 2.27% | 2.42% | 2.64% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Tampico, Illinois
In Tampico, 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 Henry County Assessment Office 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 Tampico, 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 Tampico helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Tampico is $3,336 in the 61283 zip code, aligning with the lowest median tax bill also being $3,336 in the same zip code.
Average Tampico Assessed Value
$145,108
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tampico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61283 | $93,172 | $114,494 | $145,108 | $190,623 | $234,186 |
Source: Ownwell
Property Tax Bills Across Tampico, Illinois
In Tampico, Henry 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 typically a percentage of the home's market value. For instance, if the median home price is $145,108, the assessed value will be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and local tax levies for public services such as schools and infrastructure. In Tampico, the tax bill can vary significantly, with the 25th percentile bill at $2,630 and the 75th percentile reaching $4,421. Homeowners in the top 90th percentile may see bills as high as $6,216. Comparatively, the national median property tax rate is 0.99%, highlighting the importance of understanding local tax dynamics. High property taxes can impact homeowners by increasing the overall cost of homeownership and influencing housing market trends.
Average Tampico Tax Bill
$3,336
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tampico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61283 | $2,172 | $2,630 | $3,336 | $4,421 | $6,216 |
Source: Ownwell