Hampshire, Illinois Property Taxes
The median property tax rate in Hampshire, IL, is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hampshire, the typical annual property tax bill reaches $5,867, exceeding the national median of $2,690. Property taxes in Hampshire 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 Hampshire'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 Hampshire 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
Hampshire, 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 Hampshire Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampshire with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampshire 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 Hampshire, Illinois
Property taxes in Hampshire, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampshire is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hampshire set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampshire 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 Hampshire's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60140 has both the highest and lowest median property tax rate of 2.30%. Understanding how these cities compare with Hampshire provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampshire Tax Rate
2.30%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | 1.58% | 1.83% | 2.30% | 2.42% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Hampshire, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hampshire, Illinois. 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 McHenry 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 Hampshire, 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 Hampshire helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hampshire is $5,867 in the 60140 zip code, which is also the lowest median tax bill, illustrating a uniform tax landscape within the area.
Average Hampshire Assessed Value
$286,995
Average Mchenry County Assessed Value
$241,654
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | $235,702 | $264,124 | $286,995 | $296,064 | $325,882 |
Source: Ownwell
Property Tax Bills Across Hampshire, Illinois
In Hampshire, located in McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as the local government's budget needs and voter-approved measures can influence the tax rate. For homeowners in Hampshire, the property tax burden can vary significantly. The median home price in the area is $286,995. Property tax bills range widely, with the 25th percentile at $4,484 and the 75th percentile at $7,179, reflecting the variability in assessed values and tax rates. At the 90th percentile, property tax bills can reach up to $7,949. Compared to the national median property tax rate of 0.99%, Hampshire homeowners may face higher tax rates, which can impact overall housing affordability and monthly expenses.
Average Hampshire Tax Bill
$5,867
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | $4,257 | $4,484 | $5,867 | $7,179 | $7,949 |
Source: Ownwell