Hamburg, Illinois Property Taxes
The median property tax rate in Hamburg, IL is 2.51%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hamburg at $72,789, the typical annual property tax bill reaches $1,475, which is below the national median of $2,690. Property taxes in Hamburg 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 Hamburg'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 Hamburg 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
Hamburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.51%
Estimate Property Tax Bill
$1,827
$1,695
Ownwell’s Hamburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hamburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamburg 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 Hamburg, Illinois
Property taxes in Hamburg, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamburg is 2.51%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hamburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamburg 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 Hamburg's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62045 has the highest median property tax rate of 2.51%, while the same zip code also has the lowest median tax rate of 2.51%. Understanding how these cities compare with Hamburg provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamburg Tax Rate
2.51%
Average Calhoun County Tax Rate
2.36%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62045 | 1.34% | 1.98% | 2.51% | 2.53% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Hamburg, Illinois
In Hamburg, 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 local 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 Hamburg, 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. Being aware of these valuation processes in Hamburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 62045 has the highest and lowest median tax bill at $1,475.
Average Hamburg Assessed Value
$72,789
Average Calhoun County Assessed Value
$86,121
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62045 | $17,053 | $36,023 | $72,789 | $139,347 | $205,558 |
Source: Ownwell
Property Tax Bills Across Hamburg, Illinois
In Hamburg, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For instance, the median home price in Hamburg is $72,789. Homeowners then apply the local tax rate to this assessed value to determine their annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Calhoun County, where Hamburg is located, tax bills can vary significantly. At the 25th percentile, homeowners might pay around $795, while those at the 75th percentile could see bills as high as $2,601. For the top 10% of properties, tax bills can reach up to $4,411. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Compared to the national median property tax rate of 0.99%, Hamburg's rates reflect the local economic conditions and funding needs.
Average Hamburg Tax Bill
$1,475
Average Calhoun County Tax Bill
$1,736
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62045 | $344 | $795 | $1,475 | $2,601 | $4,411 |
Source: Ownwell