Carthage, Hancock County, Illinois Property Taxes
Median Carthage, IL effective property tax rate: 2.87%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Carthage, IL home value: $52,264
Median annual Carthage, IL tax bill: $1,470, $930 lower than the national median property tax bill of $2,400.
How are property taxes in Hancock calculated?
Property taxes in Carthage, 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 Carthage’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Carthage, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Carthage, Hancock County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.87%
Estimate Property Tax Bill
$1,500
$1,392
Property Tax Rates Across Carthage, Hancock County, Illinois
Local government entities set tax rates, which can vary widely within a state. This is because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the annual process in a nutshell.
In Carthage, located in Hancock County, Illinois, the effective property tax rate stands at 2.87%. This rate is notably higher than the national median property tax rate of 1.02%. Such a disparity underscores how local factors influence tax rates, impacting homeowners differently based on their location. The higher rate in Carthage reflects the specific budgetary needs and property values within the county, which are distinct from state and national averages.
By comparing Carthage’s property tax rate to other cities in Illinois and the national median, homeowners can better understand how their tax obligations align with broader trends. This awareness is crucial for property owners considering tax appeals or exemptions, as it highlights potential areas for savings or adjustments.
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 Carthage Tax Rate
2.87%
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 Hancock County Tax Rate
2.85%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Carthage, Hancock County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62321 | 2.51% | 2.64% | 2.87% | 2.87% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Carthage, Hancock County, Illinois
When examining property taxes in Carthage, 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 Hancock County assessment office 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 Hancock 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 Carthage. For example, the median home price in Carthage is $52,264, with tax bills ranging significantly across the county. Zip code 62321 has the highest median home price at $52,264.
Property Tax Assessment Values Across Carthage, Hancock County, Illinois
Source: Ownwell
$14,504
$51,523
$88,542
Median Carthage Market Value
$52,264
Median Hancock County Market Value
$54,669
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Carthage, Hancock County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62321 | $14,105 | $35,930 | $52,264 | $79,752 | $110,823 |
Source: Ownwell
Property Tax Bills Across Carthage, Hancock County, Illinois
In Carthage, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is then applied to this assessed value to determine the tax bill. Factors such as local government budgets and public service funding needs influence the tax rate. Homeowners in Carthage, Hancock County, face a median property tax bill of $1,470, which is below the national median of $2,400. However, tax bills can vary significantly, with the 25th percentile at $1,032 and the 75th percentile reaching $2,130. For those in the top 10%, bills can climb to $3,183.
Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions. By analyzing property assessments and market conditions, Ownwell can challenge over-assessments and help secure tax reductions. This service not only saves money but also ensures homeowners are not overpaying, providing peace of mind and financial relief.
Median Carthage Tax Bill
$1,470
Median Hancock County Tax Bill
$1,522
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Carthage, Hancock County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62321 | $393 | $1,032 | $1,470 | $2,130 | $3,183 |
Source: Ownwell