Hanover Park, Illinois Property Taxes
The median property tax rate in Hanover Park, IL is 2.81%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hanover Park at $222,840, the typical annual property tax bill reaches $6,230, exceeding the national median of $2,690. Property taxes in Hanover Park 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 Hanover Park'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 Hanover Park 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
Hanover Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.81%
Estimate Property Tax Bill
$6,262
$6,119
Ownwell’s Hanover Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hanover Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hanover Park 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 Hanover Park, Illinois
Property taxes in Hanover Park, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hanover Park is 2.81%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hanover Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hanover Park 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 Hanover Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60133 has the highest median property tax rate of 2.81%, while the same zip code also has the lowest median tax rate of 2.81%. Understanding how these cities compare with Hanover Park provides valuable insights into the varying tax landscape across DuPage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hanover Park Tax Rate
2.81%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hanover Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60133 | 2.57% | 2.71% | 2.81% | 3.02% | 3.12% |
Source: Ownwell
Property Tax Assessment Values Across Hanover Park, Illinois
In Hanover Park, 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 DuPage 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 Hanover Park, 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. Hanover Park's median home price is $222,840, with tax bills ranging from $5,086 at the 25th percentile to $8,586 at the 90th percentile. The zip code 60133 has both the highest and lowest median tax bill at $6,230. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hanover Park, Illinois
Source: Ownwell
$2,760
$1,600,770
$3,198,780
Average Hanover Park Assessed Value
$222,840
Average Dupage County Assessed Value
$319,350
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hanover Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60133 | $141,720 | $186,450 | $222,840 | $267,750 | $295,620 |
Source: Ownwell
Property Tax Bills Across Hanover Park, Illinois
In Hanover Park, located in DuPage County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Hanover Park, the tax bills can vary significantly. For instance, the 25th percentile tax bill is around $5,086, while the 75th percentile tax bill reaches $7,629. The highest median tax bill in the area is $6,230, which is notably higher than the national median property tax rate of 0.99%. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting their financial planning. Understanding how these factors interplay is crucial for homeowners looking to manage their expenses effectively.
Average Hanover Park Tax Bill
$6,230
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hanover Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60133 | $3,670 | $5,086 | $6,230 | $7,629 | $8,586 |
Source: Ownwell