Hollowayville, Illinois Property Taxes
The median property tax rate in Hollowayville, IL is 2.21%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hollowayville at $58,107, the typical annual property tax bill reaches $1,318, exceeding the national median of $2,690. Property taxes in Hollowayville 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 Hollowayville'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 Hollowayville 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
Hollowayville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$1,284
$1,192
Ownwell’s Hollowayville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hollowayville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hollowayville 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 Hollowayville, Illinois
Property taxes in Hollowayville, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hollowayville is 2.21%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hollowayville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hollowayville 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 Hollowayville's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61356 zip code has the highest median property tax rate of 2.21%, while the same zip code also has the lowest median tax rate of 2.21%. Understanding how these rates compare with Hollowayville provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hollowayville Tax Rate
2.21%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hollowayville, 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, Illinois
In Hollowayville, 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 Bureau 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 Hollowayville, 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. The zip code 61356 in Bureau County has both the highest and lowest median tax bill at $1,318. Being aware of these valuation processes in Hollowayville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hollowayville Assessed Value
$58,107
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hollowayville, 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, Illinois
In Hollowayville, property tax bills are calculated based on the assessed value of a home, which is determined by the Bureau County Assessor's Office. The assessed value is typically a percentage of the property's market value. Various factors influence this assessment, including the property's location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Hollowayville, the median home price stands at $58,107. The tax bill can vary significantly, with the 25th percentile at $1,067 and the 75th percentile at $1,927. For those at the 90th percentile, the tax bill can go up to $2,332. These figures show that property tax bills can have a substantial impact on household finances, especially when compared to the national median property tax rate of 0.99%. Understanding how these bills are calculated helps homeowners plan better and potentially seek exemptions or appeals to manage their expenses effectively.
Average Hollowayville Tax Bill
$1,318
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hollowayville, 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