Hamilton, Illinois Property Taxes
The median property tax rate in Hamilton, IL is 2.98%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hamilton at $76,188, the typical annual property tax bill reaches $2,270, just below the national median of $2,690. Property taxes in Hamilton 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 Hamilton'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 Hamilton 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
Hamilton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$2,270
$2,107
Ownwell’s Hamilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hamilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamilton 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 Hamilton, Illinois
Property taxes in Hamilton, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamilton is 2.98%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hamilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamilton 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 Hamilton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62341 zip code has both the highest and lowest median property tax rate of 2.98%. Understanding how these cities compare with Hamilton 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 Hamilton Tax Rate
2.98%
Average Hancock County Tax Rate
2.85%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamilton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62341 | 2.36% | 2.82% | 2.98% | 2.98% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Hamilton, Illinois
In Hamilton, 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 Hamilton, 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 example, the median home price in Hamilton is $76,188, with tax bills ranging from $1,074 at the 25th percentile to $6,257 at the 90th percentile. The highest and lowest median tax bills both stand at $2,270 in the 62341 zip code. 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 Hamilton Assessed Value
$76,188
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 Hamilton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62341 | $19,802 | $36,060 | $76,188 | $144,510 | $218,296 |
Source: Ownwell
Property Tax Bills Across Hamilton, Illinois
In Hamilton, located in Hancock County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. Various factors influence this valuation, including the home's size, age, condition, and location. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Hamilton, the median home price is $76,188. The tax bill varies significantly across different percentiles, with the 25th percentile at $1,074 and the 75th percentile reaching $4,038. At the 90th percentile, the tax bill can go up to $6,257. The highest and lowest median tax bills in the area are both $2,270, reflecting a uniformity in certain parts of the region. Comparatively, the national median property tax rate is 0.99%, indicating that local tax burdens can be higher or lower based on assessed values and local rates. This variability affects homeowners by influencing their annual financial obligations and potentially their decisions on property investments.
Average Hamilton Tax Bill
$2,270
Average Hancock County Tax Bill
$1,522
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamilton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62341 | $590 | $1,074 | $2,270 | $4,038 | $6,257 |
Source: Ownwell