Harvard, Boone County, Illinois Property Taxes
Median Harvard, IL effective property tax rate: 2.78%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Harvard, IL home value: $186,312
Median annual Harvard, IL tax bill: $4,993, $2,593 higher than the national median property tax bill of $2,400.
How are property taxes in Boone calculated?
Property taxes in Harvard, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Harvard’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Harvard, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Harvard, Boone County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.78%
Estimate Property Tax Bill
$5,179
$4,806
Property Tax Rates Across Harvard, Boone County, Illinois
Local government entities are responsible for setting tax rates, which can differ significantly within a state. Each year, counties estimate their budgetary needs for public services and divide this figure by the total value of all taxable property within the jurisdiction, resulting in the property tax rate. This process, though influenced by votes and legislation, is essentially how tax rates are determined annually.
Harvard in Boone County, Illinois, presents an opportunity to examine how local tax rates compare to broader state and national benchmarks. Harvard's effective property tax rate stands out when compared to other cities within Illinois, as well as to the state's median property tax rate and the national median. With Illinois having one of the highest median property tax rates in the nation, property owners in Harvard might find their tax obligations significantly above the national median property tax rate of 1.02% and the median property tax bill of $2,400. Understanding these variances is crucial for property owners aiming to manage their tax liabilities effectively.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Harvard Tax Rate
2.78%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Boone County Tax Rate
2.69%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Harvard, Boone County, 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, Boone County, Illinois
When examining property taxes in Harvard, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Boone County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices: In Boone County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Harvard.
For example, the median home price in Harvard is $186,312, with tax bills ranging significantly across the county. Zip code 60033 has the highest median home price at $186,312.
Property Tax Assessment Values Across Harvard, Boone County, Illinois
Source: Ownwell
$148,732
$234,346
$319,959
Median Harvard Market Value
$186,312
Median Boone County Market Value
$166,186
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Harvard, Boone County, 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, Boone County, Illinois
Median Harvard Tax Bill
$4,993
Median Boone County Tax Bill
$4,339
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Harvard, Boone County, 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