Thompsonville, Hamilton County, Illinois Property Taxes
Median Thompsonville, IL effective property tax rate: 1.63%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Thompsonville, IL home value: $73,602
Median annual Thompsonville, IL tax bill: $1,025, $1,375 lower than the national median property tax bill of $2,400.
How are property taxes in Hamilton calculated?
Property taxes in Thompsonville, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Thompsonville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Thompsonville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Thompsonville, Hamilton County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.63%
Estimate Property Tax Bill
$1,200
$1,113
Property Tax Rates Across Thompsonville, Hamilton County, Illinois
Local government entities in Illinois set property tax rates, which can vary widely even within the same state. Each year, counties like Hamilton estimate the budget needed to provide essential services and then divide this by the assessed value of all taxable property in their jurisdiction. This calculation determines the property tax rate. While votes and legislation play a role in the process, this is the basic method used annually.
In Thompsonville, located in Hamilton County, the effective property tax rate stands at 1.63%. This rate is notably higher than the national median property tax rate of 1.02%, reflecting the varying tax landscapes across different regions. When comparing Thompsonville’s tax rate to other cities in Illinois, it aligns with the highest and lowest median tax rates in the state, both recorded at 1.63%. This underscores the consistency of property tax rates within this specific area, contrasting with the broader variability found nationwide.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Thompsonville Tax Rate
1.63%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Hamilton County Tax Rate
1.77%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Thompsonville, Hamilton County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62890 | 0.66% | 1.10% | 1.63% | 1.89% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Thompsonville, Hamilton County, Illinois
When examining property taxes in Thompsonville, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Hamilton County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Hamilton County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Thompsonville. For example, the median home price in Thompsonville is $73,602, with tax bills ranging significantly across the county. 62890 has the highest median home price at $73,602.
Property Tax Assessment Values Across Thompsonville, Hamilton County, Illinois
Source: Ownwell
$48,474
$84,645
$120,816
Median Thompsonville Market Value
$73,602
Median Hamilton County Market Value
$61,740
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Thompsonville, Hamilton County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62890 | $24,239 | $42,398 | $73,602 | $112,055 | $176,585 |
Source: Ownwell
Property Tax Bills Across Thompsonville, Hamilton County, Illinois
In Thompsonville, located in 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 local tax rate is then applied to this assessed value. With a median home price of $73,602, homeowners in Thompsonville face a median tax bill significantly lower than the national median of $2,400. However, tax bills can vary widely, with the 25th percentile at $508 and the 90th percentile reaching $3,002. These variations depend on factors such as property location, improvements, and local levies.
Homeowners can feel the impact of these taxes, especially when bills fall on the higher end of the spectrum. This is where Ownwell comes in, offering expert property tax appeal and exemption services to help reduce these burdens. By analyzing individual cases and leveraging local tax laws, Ownwell assists homeowners in potentially lowering their tax bills, ensuring they pay only their fair share.
Median Thompsonville Tax Bill
$1,025
Median Hamilton County Tax Bill
$1,024
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Thompsonville, Hamilton County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62890 | $188 | $508 | $1,025 | $1,725 | $3,002 |
Source: Ownwell