Hodgkins, Illinois Property Taxes
The median property tax rate in Hodgkins, IL is 2.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hodgkins at $163,350, the typical annual property tax bill reaches $3,583, exceeding the national median of $2,690. Property taxes in Hodgkins 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 Hodgkins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hodgkins 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
Hodgkins, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$3,577
$3,496
Ownwell’s Hodgkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hodgkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hodgkins 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 Hodgkins, Illinois
Property taxes in Hodgkins, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hodgkins is 2.19%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hodgkins set these rates annually, and they can vary across different neighborhoods. Each year, Hodgkins 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 Hodgkins' effective property tax rate to other counties in Illinois and the national median. For comparison, the 60525 zip code has the highest median property tax rate of 2.19%, while the same zip code also has the lowest median tax rate of 2.19%. Understanding how these cities compare with Hodgkins 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 Hodgkins Tax Rate
2.19%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hodgkins, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60525 | 2.19% | 2.19% | 2.19% | 2.19% | 2.19% |
Source: Ownwell
Property Tax Assessment Values Across Hodgkins, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hodgkins, IL. 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 Assessor 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 Hodgkins, 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 Hodgkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 60525 has the highest and lowest median tax bill at $3,583.
Average Hodgkins Assessed Value
$163,350
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 Hodgkins, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60525 | $163,350 | $163,350 | $163,350 | $163,350 | $163,350 |
Source: Ownwell
Property Tax Bills Across Hodgkins, Illinois
In Hodgkins, IL, property tax bills are calculated based on the assessed value of the home. The county assesses properties to determine their taxable value, which is then multiplied by the local tax rate to calculate the tax bill. For homeowners in Hodgkins, the assessed value is a critical factor in determining their annual property tax obligations. In Hodgkins, the median home price is $163,350, and the median property tax bill is $3,583. This results in an effective property tax rate of approximately 2.19%, which is significantly higher than the national median property tax rate of 0.99%. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. Homeowners in Hodgkins should be aware of these factors, as they directly impact their financial planning and property affordability. High property taxes can affect the overall cost of homeownership, making it essential for residents to stay informed about local tax policies and assessments.
Average Hodgkins Tax Bill
$3,583
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hodgkins, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60525 | $3,583 | $3,583 | $3,583 | $3,583 | $3,583 |
Source: Ownwell