Basco, Illinois Property Taxes
The median property tax rate in Basco, IL is 2.55%, considerably higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Basco at $19,626, the typical annual property tax bill reaches $476, which is significantly lower than the national median of $2,690. Property taxes in Basco 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 Basco'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 Basco or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Basco, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Basco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Basco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Basco 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 Basco, Illinois
Property taxes in Basco, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Basco is 2.55%, significantly higher than the U.S. national median of 0.99%. Local government entities within Basco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Basco 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 Basco's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62313 has the highest median property tax rate of 2.55%, while also having the lowest median tax rate of 2.55%. Understanding how these cities compare with Basco provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Basco Tax Rate
2.55%
Average Hancock County Tax Rate
2.85%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Basco, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62313 | 1.15% | 2.55% | 2.55% | 2.65% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Basco, Illinois
In Basco, 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 Hancock 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 Basco, 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. For instance, the median home price in Basco is $19,626, with tax bills ranging from $216 at the 25th percentile to $2,140 at the 90th percentile. The zip code 62313 has the highest and lowest median tax bill of $476. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Basco Assessed Value
$19,626
Average Hancock County Assessed Value
$54,669
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Basco, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62313 | $12,372 | $18,663 | $19,626 | $56,487 | $81,718 |
Source: Ownwell
Property Tax Bills Across Basco, Illinois
In Basco, property tax bills are calculated based on the assessed value of a home, which is then multiplied by the local tax rate. The median home price in the area is $19,626, and the property tax rate in Hancock County is used to determine the annual tax bill. Factors such as the assessed value of the property, local tax rates, and any applicable exemptions play crucial roles in determining the total tax bill for homeowners. For instance, the 25th percentile of property tax bills in Basco is $216, while the 75th percentile reaches $1,440. At the 90th percentile, homeowners can expect to pay around $2,140. This variation highlights the impact of property value and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, Basco's property taxes can be relatively manageable for many homeowners, though higher-valued properties will naturally incur higher taxes. Understanding these factors helps homeowners anticipate and plan for their annual property tax obligations.
Average Basco Tax Bill
$476
Average Hancock County Tax Bill
$1,522
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Basco, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62313 | $112 | $216 | $476 | $1,440 | $2,140 |
Source: Ownwell