Hindsboro, Illinois Property Taxes
The median property tax rate in Hindsboro, IL is 2.23%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hindsboro at $53,650, the typical annual property tax bill reaches $1,104, exceeding the national median of $2,690. Property taxes in Hindsboro are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hindsboro'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 Hindsboro 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
Hindsboro, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$1,196
$1,169
Ownwell’s Hindsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hindsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hindsboro 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 Hindsboro, Illinois
Property taxes in Hindsboro, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Hindsboro is 2.23%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hindsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hindsboro 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 Hindsboro's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61930 zip code has the highest median property tax rate of 2.23%, while the same 61930 zip code also has the lowest median tax rate of 2.23%. Understanding how these areas compare with Hindsboro provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hindsboro Tax Rate
2.23%
Average Douglas County Tax Rate
2.16%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hindsboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61930 | 0.99% | 1.78% | 2.23% | 3.05% | 3.10% |
Source: Ownwell
Property Tax Assessment Values Across Hindsboro, Illinois
In Hindsboro, 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 Douglas County Assessment Office 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 Hindsboro, 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 Hindsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 61930, with a median tax bill of $1,104.
Average Hindsboro Assessed Value
$53,650
Average Douglas County Assessed Value
$101,652
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hindsboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61930 | $15,764 | $32,685 | $53,650 | $84,872 | $128,188 |
Source: Ownwell
Property Tax Bills Across Hindsboro, Illinois
In Hindsboro, located in Douglas County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the amount owed. Various factors influence the final tax bill, including the property's location, size, and condition, as well as any applicable exemptions or deductions. For homeowners in Hindsboro, the median home price stands at $53,650. The property tax bills can vary significantly, with the 25th percentile tax bill at $562 and the 75th percentile reaching $2,004. Those in the 90th percentile see tax bills as high as $3,538. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark to understand local tax burdens. Understanding how these elements interact helps homeowners anticipate their annual property tax obligations and plan their finances accordingly. This system ensures that property taxes are distributed fairly based on property values and local tax rates.
Average Hindsboro Tax Bill
$1,104
Average Douglas County Tax Bill
$2,157
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hindsboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61930 | $249 | $562 | $1,104 | $2,004 | $3,538 |
Source: Ownwell