Hamilton, Hancock County, Illinois Property Taxes

Name: Property Tax Bills Across Hamilton, Hancock County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Hamilton, IL effective property tax rate: 2.98%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Hamilton, IL home value: $76,188
Median annual Hamilton, IL tax bill: $2,270, $130 lower than the national median property tax bill of $2,400.

How are property taxes in Hancock calculated?

Property taxes in Hamilton, 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 Hamilton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hamilton, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Hamilton, Hancock County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.98%

Estimate Property Tax Bill

$2,270

$2,107

Ownwell’s Hamilton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hamilton with just two data points. By entering your property's estimated assessed value, our calculator applies Hamilton’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Hancock County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Hamilton, 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 these rates and budgets, this is essentially the annual process.

In Hamilton, located in Hancock County, Illinois, the effective property tax rate is notably higher than the national median. Illinois is known for having some of the highest property tax rates in the nation, and Hamilton is no exception. The median property tax rate in Illinois is significantly above the national median rate of 1.02%, making it crucial for property owners in Hamilton to consider appealing their property taxes to ensure they are not overpaying. This comparison highlights the importance of understanding local property tax rates and how they can impact your financial obligations.

Property Tax Rates Across Hamilton, Hancock County, Illinois

Source: Ownwell

2.37%

2.83%

3.28%

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 Tax Rate

2.98%

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 Hamilton, Hancock County, 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, Hancock County, Illinois

When examining property taxes in Hamilton, 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 appraisal district 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 Hamilton.

For example, the median home price in Hamilton is $76,188, with tax bills ranging significantly across the county. The zip code 62341 has the highest median home price at $76,188.

Property Tax Assessment Values Across Hamilton, Hancock County, Illinois

Source: Ownwell

$14,504

$51,523

$88,542

Median Hamilton Market Value

$76,188

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 Hamilton, Hancock County, 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, Hancock County, Illinois

In Hamilton, located in Hancock County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a fraction of the market value, and local taxing authorities set the tax rate based on budgetary needs. With a median home price of $76,188, homeowners might expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill sits at $1,074, while the 75th percentile reaches $4,038, and the 90th percentile climbs to $6,257. These figures illustrate the potential range of tax obligations homeowners might face, which can significantly impact household budgets. Comparatively, the national median property tax bill is $2,400, highlighting the variability in tax burdens across regions. Ownwell can assist homeowners in Hamilton by providing expert property tax appeal and exemption services, potentially lowering tax bills by ensuring accurate assessments and identifying applicable exemptions. This can lead to substantial savings, easing the financial burden on homeowners.

Property Tax Bills Across Hamilton, Hancock County, Illinois

Source: Ownwell

$404

$1,396

$2,388

Median Hamilton Tax Bill

$2,270

Median Hancock County Tax Bill

$1,522

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Hamilton, Hancock County, 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