Tampico, Illinois Property Taxes
The median property tax rate in Tampico, IL is 1.92%, nearly double the national median of 0.99% but still below the Illinois state median of 2.35%. With a median home value of $79,230 in Tampico, the typical annual property tax bill amounts to $1,501, which is significantly lower than the national median of $2,690. Property taxes in Tampico are determined based on the tax assessed value, which is generally less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Gaining a thorough understanding of Tampico's property tax system, exploring available exemptions, and identifying opportunities for reductions can yield substantial annual savings. Whether you're situated in Tampico or another part of Bureau County, familiarizing yourself with 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
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$1,521
$1,486
Ownwell’s Tampico Property Tax Bill Calculator empowers 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 applies the median tax rate in Tampico 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 Tampico, Illinois
Property taxes in Tampico, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tampico is 1.92%, 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, and they can vary significantly 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 61283 zip code has the highest median property tax rate of 1.92%, while the same zip code also has the lowest median tax rate of 1.92%. Understanding how these cities compare with Tampico 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 Tampico Tax Rate
1.92%
Average Bureau County Tax Rate
2.33%
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 | 0.78% | 1.44% | 1.92% | 2.18% | 2.23% |
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 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 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. For instance, the median home price in Tampico is $79,230, with tax bills ranging from $600 at the 25th percentile to $4,714 at the 90th percentile. The highest and lowest median tax bills are both $1,501 in the 61283 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tampico Assessed Value
$79,230
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 Tampico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61283 | $25,758 | $54,326 | $79,230 | $146,380 | $216,855 |
Source: Ownwell
Property Tax Bills Across Tampico, Illinois
In Tampico, located in Bureau County, IL, property tax bills are calculated based on the assessed value of a home. This assessed value typically represents a percentage of the market value. The local tax rate is then applied to this assessed value to determine the overall tax bill. Several factors influence the tax bill, including the property's location, its assessed value, and any applicable exemptions or deductions. For homeowners in Tampico, the median home price is $79,230. Property tax bills can vary significantly, with the 25th percentile bill around $600 and the 75th percentile reaching up to $2,929. At the 90th percentile, tax bills can be as high as $4,714. These figures indicate a broad range of tax burdens, reflecting differences in property values and possible exemptions. Compared to the national median property tax rate of 0.99%, Tampico's rates can fluctuate, impacting homeowners differently. Understanding these factors is crucial for homeowners as they plan their finances and consider the long-term costs of property ownership.
Average Tampico Tax Bill
$1,501
Average Bureau County Tax Bill
$2,024
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 | $229 | $600 | $1,501 | $2,929 | $4,714 |
Source: Ownwell