Eldorado, Illinois Property Taxes
The median property tax rate in Eldorado, IL is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Eldorado, the typical annual property tax bill reaches $3,084, exceeding the national median of $2,690. Property taxes in Eldorado 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 Eldorado'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 Eldorado 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
Eldorado, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$2,512
$2,331
Ownwell’s Eldorado Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Eldorado with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Eldorado to provide an estimate of your property tax bill. This insightful tool aids in understanding potential tax liabilities. For those interested in more granular data, scrolling down reveals trends at the neighborhood level. Your property’s assessed value is the value assigned by Hamilton County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Eldorado, Illinois
Property taxes in Eldorado, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eldorado is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Eldorado set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eldorado 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 Eldorado's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62930 has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these cities compare with Eldorado provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eldorado Tax Rate
2.11%
Average Hamilton County Tax Rate
1.77%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eldorado, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62930 | 1.99% | 2.03% | 2.11% | 2.18% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Eldorado, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Eldorado, Illinois. 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 Hamilton 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 Eldorado, 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. The median home price in Eldorado is $119,064. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the tax bill at the 25th percentile is $1,635, while at the 75th percentile, it's $4,533. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eldorado Assessed Value
$119,064
Average Hamilton County Assessed Value
$61,740
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eldorado, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62930 | $31,426 | $64,290 | $119,064 | $192,231 | $236,131 |
Source: Ownwell
Property Tax Bills Across Eldorado, Illinois
In Eldorado, Hamilton County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Eldorado is $119,064. Local taxing authorities determine the tax rate, which is then applied to the assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property's location within specific taxing districts, any applicable exemptions, and changes in local government budgets. Homeowners in Eldorado may experience varying tax bills. For example, those in the 25th percentile pay around $1,635, while those in the 75th percentile pay about $4,533. The 90th percentile sees tax bills as high as $5,402. The highest median tax bill in the region is $3,084 in the zip code 62930. Compared to the national median property tax rate of 0.99%, Eldorado's tax rates can significantly impact homeowners, influencing their annual financial planning and potentially affecting property values.
Average Eldorado Tax Bill
$3,084
Average Hamilton County Tax Bill
$1,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Eldorado, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62930 | $766 | $1,635 | $3,084 | $4,533 | $5,402 |
Source: Ownwell