La Harpe, Illinois Property Taxes
The median property tax rate in LA HARPE, IL is 3.28%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in LA HARPE at $34,822, the typical annual property tax bill reaches $946, which is lower than the national median of $2,690. Property taxes in LA HARPE 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 LA HARPE'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 LA HARPE 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
La Harpe, 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 LA HARPE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LA HARPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LA HARPE 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 La Harpe, Illinois
Property taxes in La Harpe, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in La Harpe is 3.28%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within La Harpe set these rates annually, and they can vary significantly across different neighborhoods. Each year, La Harpe 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 La Harpe's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61450 zip code has the highest median property tax rate of 3.28%, while the same zip code also has the lowest median tax rate of 3.28%. Understanding how these cities compare with La Harpe 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 La Harpe Tax Rate
3.28%
Average Hancock County Tax Rate
2.85%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across La Harpe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61450 | 2.13% | 3.28% | 3.28% | 3.28% | 3.28% |
Source: Ownwell
Property Tax Assessment Values Across La Harpe, Illinois
In LA HARPE, 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 Appraisal District 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 LA HARPE, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in LA HARPE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 61450 has the highest median tax bill, valued at $946.00.
Average La Harpe Assessed Value
$34,822
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 La Harpe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61450 | $3,000 | $11,924 | $34,822 | $57,832 | $90,123 |
Source: Ownwell
Property Tax Bills Across La Harpe, Illinois
In La Harpe, located in Hancock County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessment is typically a percentage of the property's market value. Various factors such as the home's size, age, location, and any improvements made can influence this assessed value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in La Harpe, the property tax rate can significantly impact their finances. For instance, the median home price in La Harpe is $34,822. Property tax bills in the area can vary widely, with the 25th percentile at $140 and the 75th percentile reaching up to $1,930. At the 90th percentile, tax bills can be as high as $2,988. This variability means that homeowners need to be aware of how changes in property values and tax rates could affect their annual tax obligations. The current highest and lowest median tax bills in the area are both $946, emphasizing the importance of understanding local tax assessments and rates.
Average La Harpe Tax Bill
$946
Average Hancock County Tax Bill
$1,522
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across La Harpe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61450 | $85 | $140 | $946 | $1,930 | $2,988 |
Source: Ownwell