Tampico, Bureau County, Illinois Property Taxes

Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required 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 there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Below, you can compare Tampico’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Tampico, located in Bureau County, has an effective property tax rate of 1.92%, which is significantly higher than the national median rate of 1.02%. This places Tampico at the higher end of the spectrum within the state. This rate is also the highest and lowest within the 61283 zip code, indicating a uniformity in tax rates across this area. For homeowners in Tampico, understanding these figures is crucial for financial planning and property investment decisions. The higher tax rate reflects the community's commitment to funding essential services but also highlights the importance of exploring potential tax appeal opportunities.

In Tampico, Bureau County, IL, property tax bills are determined by assessing the market value of a home, which is then multiplied by the local tax rate. With a median home price of $79,230, the property tax rate here can lead to varying tax bills. The 25th percentile tax bill is $600, while the 75th percentile reaches $2,929, indicating a significant range. The highest median tax bill in the area is $1,501. These figures highlight how property taxes can impact homeowners differently based on property value and local tax rates. Compared to the national median property tax bill of $2,400, some homeowners in Tampico may find themselves paying less, while others may pay more.

Ownwell can assist homeowners in reducing their property tax bills by offering expert property tax appeal and exemption services. By accurately assessing a home's value and identifying potential over-assessments, Ownwell helps ensure homeowners pay only their fair share, potentially saving them significant amounts annually. Through personalized support, Ownwell makes navigating property taxes more manageable and cost-effective.