Nauvoo, Illinois Property Taxes
The median property tax rate in Nauvoo, IL is 2.85%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Nauvoo at $88,542, the typical annual property tax bill reaches $2,388, which is below the national median of $2,690. Property taxes in Nauvoo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Nauvoo'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 Nauvoo 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
Nauvoo, 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 Nauvoo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nauvoo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nauvoo 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 Hancock County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Nauvoo, Illinois
Property taxes in Nauvoo, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nauvoo is 2.85%, significantly higher than the U.S. national median of 0.99%. Local government entities within Nauvoo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nauvoo 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 Nauvoo's effective property tax rate to other areas in Hancock County and the national median. For comparison, the 62354 zip code has the highest median property tax rate of 2.85%, while the same zip code also has the lowest median tax rate of 2.85%. Understanding how these cities compare with Nauvoo 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 Nauvoo Tax Rate
2.85%
Average Hancock County Tax Rate
2.85%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nauvoo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62354 | 2.34% | 2.85% | 2.85% | 2.85% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Nauvoo, Illinois
In Nauvoo, 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 Assessment Office 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 Nauvoo, 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 Nauvoo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62354 has both the highest and lowest median tax bill at $2,388, reflecting the overall property tax scenario in the area.
Average Nauvoo Assessed Value
$88,542
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 Nauvoo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62354 | $47,560 | $59,820 | $88,542 | $143,925 | $223,679 |
Source: Ownwell
Property Tax Bills Across Nauvoo, Illinois
In Nauvoo, located in Hancock County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the market value, determined by the local assessor's office. Various factors influence this value, including the home's condition, location, and recent sales of comparable properties. Once the assessed value is established, the local tax rate is applied to determine the tax bill. In Hancock County, homeowners can expect a median tax rate of 2.70%, which is significantly higher than the national median of 0.99%. For instance, with a median home price of $88,542, homeowners in Nauvoo might pay between $1,697 and $3,937 annually, depending on their specific circumstances. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and resale value. It is crucial for homeowners to understand these factors, as they play a significant role in long-term financial planning and property investment.
Average Nauvoo Tax Bill
$2,388
Average Hancock County Tax Bill
$1,522
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Nauvoo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62354 | $1,278 | $1,697 | $2,388 | $3,937 | $5,557 |
Source: Ownwell