Hampshire, Illinois Property Taxes
The median property tax rate in Hampshire, IL is 2.78%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hampshire, the typical annual property tax bill reaches $5,188, exceeding the national median of $2,690. Property taxes in Hampshire 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 Hampshire'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 Hampshire 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
Hampshire, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.78%
Estimate Property Tax Bill
$5,228
$5,109
Ownwell’s Hampshire Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampshire with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampshire 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 Hampshire, Illinois
Property taxes in Hampshire, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampshire is 2.78%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hampshire set these rates annually, and they can vary across different neighborhoods. Each year, Hampshire 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 Hampshire's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60140 has the highest median property tax rate of 2.78%, while the lowest median tax rate is also 2.78%, indicating uniformity in Hampshire. Understanding how these areas compare with Hampshire provides valuable insights into the varying tax landscape across DeKalb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampshire Tax Rate
2.78%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | 2.22% | 2.47% | 2.78% | 3.20% | 3.53% |
Source: Ownwell
Property Tax Assessment Values Across Hampshire, Illinois
In Hampshire, 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 local authorities 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 Hampshire, 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 Hampshire helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 60140, which stands at $5,188.
Average Hampshire Assessed Value
$188,061
Average Dekalb County Assessed Value
$185,016
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | $134,173 | $149,817 | $188,061 | $216,219 | $263,509 |
Source: Ownwell
Property Tax Bills Across Hampshire, Illinois
Property tax bills in Hampshire, located in DeKalb County, IL, are determined by the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For example, with a median home price of $188,061, the tax bill can vary significantly based on specific assessments and exemptions. Homeowners in Hampshire can expect tax bills ranging from $4,328 at the 25th percentile to $7,155 at the 90th percentile. The highest and lowest median tax bills in the area both stand at $5,188, highlighting a relatively consistent tax burden within the zip code 60140. These property taxes are crucial for funding local services such as schools, emergency services, and infrastructure, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Hampshire's property taxes reflect the local government's need to balance revenue with community needs, affecting homeowners' annual expenses and overall financial planning.
Average Hampshire Tax Bill
$5,188
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | $3,006 | $4,328 | $5,188 | $6,315 | $7,155 |
Source: Ownwell