Hollowayville, Bureau County, Illinois Property Taxes

Name: Property Tax Bills Across Hollowayville, Bureau County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Hollowayville, IL effective property tax rate: 2.21%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Hollowayville, IL home value: $58,107
Median annual Hollowayville, IL tax bill: $1,318, $1,082 lower than the national median property tax bill of $2,400.

How are property taxes in Bureau County calculated?

Property taxes in Hollowayville, 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 Hollowayville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hollowayville, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Hollowayville, Bureau County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.21%

Estimate Property Tax Bill

$1,284

$1,192

Ownwell’s Hollowayville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hollowayville with just two data points. By entering your property's estimated assessed value, our calculator applies Hollowayville’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Bureau County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Hollowayville, Bureau County, Illinois

Local government entities set tax rates, which can vary widely within a state. This variation is due to the annual process where each county estimates its budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws also play a role in setting tax rates and budgets, this is essentially how it works each year. Hollowayville in Bureau County, Illinois, has a median property tax rate of 2.21%, which is notably higher than the national median property tax rate of 1.02%. This rate is consistent across Bureau County, indicating a uniform approach to property tax assessments within the area. Compared to the national median property tax bill of $2,400, residents in Hollowayville might experience a higher financial obligation due to the elevated property tax rate. Understanding these rates can help property owners in Hollowayville make informed decisions about their property taxes and explore potential savings through appeals and exemptions.

Property Tax Rates Across Hollowayville, Bureau County, Illinois

Source: Ownwell

1.53%

2.27%

3.01%

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 Hollowayville Tax Rate

2.21%

Median Effective Bureau County Tax Rate

2.33%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Hollowayville, Bureau County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61356	1.52%	1.94%	2.21%	2.77%	3.56%

Source: Ownwell

Property Tax Assessment Values Across Hollowayville, Bureau County, Illinois

When examining property taxes in Hollowayville, 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 Bureau 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.

In Bureau 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 Hollowayville.

For example, the median home price in Hollowayville is $58,107, with tax bills ranging significantly across the county. Zip code 61356 has the highest median home price at $58,107.

Property Tax Assessment Values Across Hollowayville, Bureau County, Illinois

Source: Ownwell

$45,459

$138,476

$231,492

Median Hollowayville Market Value

$58,107

Median Bureau County Market Value

$89,799

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Hollowayville, Bureau County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61356	$38,264	$47,348	$58,107	$79,446	$87,759

Source: Ownwell

Property Tax Bills Across Hollowayville, Bureau County, Illinois

In Hollowayville, Bureau County, IL, property tax bills are determined by assessing the property's value and applying the local tax rate. The assessed value is typically a percentage of the property's market value, and this figure is then multiplied by the tax rate set by local authorities. Hollowayville's property tax bills generally range from the 25th percentile at $1,067 to the 90th percentile at $2,332. These figures highlight the variability in tax bills, influenced by factors such as property value, local government budgets, and funding needs for public services. The median property tax bill in the area is $1,318, which is below the national median of $2,400. This can offer some relief to homeowners, but there is still potential for savings.

Ownwell assists homeowners in reducing their property tax bills by providing expert property tax appeal and exemption services. By reviewing property assessments, identifying discrepancies, and filing appeals, Ownwell helps ensure that homeowners pay only their fair share, potentially saving them hundreds or even thousands of dollars annually.

Property Tax Bills Across Hollowayville, Bureau County, Illinois

Source: Ownwell

$514

$2,463

$4,412

Median Hollowayville Tax Bill

$1,318

Median Bureau County Tax Bill

$2,024

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Hollowayville, Bureau County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61356	$611	$1,067	$1,318	$1,927	$2,332

Source: Ownwell