Bishop Hill, Illinois Property Taxes
The median property tax rate in Bishop Hill, IL is 1.96%, notably higher than the national median of 0.99% but below the Illinois state median of 2.35%. With a median home value of $77,964 in Bishop Hill, the typical annual property tax bill amounts to $1,359, which is less than the national median of $2,690. Property taxes in Bishop Hill are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bishop Hill'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 Bishop Hill or another part of Henry County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bishop Hill, 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 Bishop Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bishop Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bishop Hill 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 Bishop Hill, Illinois
Property taxes in Bishop Hill, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bishop Hill is 1.96%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bishop Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bishop Hill 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 Bishop Hill's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61419 zip code has the highest median property tax rate of 1.96%, while the same zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with Bishop Hill provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bishop Hill Tax Rate
1.96%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bishop Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61419 | 1.02% | 1.45% | 1.96% | 2.59% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Bishop Hill, Illinois
In Bishop Hill, 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 Henry 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. 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 Bishop Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $77,964, with tax bills ranging from $711 at the 25th percentile to $3,969 at the 90th percentile. The zip code 61419 has both the highest and lowest median tax bill at $1,359.
Average Bishop Hill Assessed Value
$77,964
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bishop Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61419 | $30,929 | $53,694 | $77,964 | $112,893 | $157,196 |
Source: Ownwell
Property Tax Bills Across Bishop Hill, Illinois
In Bishop Hill, located in Henry County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value typically represents a percentage of the property's market value. Homeowners in Bishop Hill can expect a range of property tax bills, influenced by various factors such as property size, location, and any applicable exemptions. For instance, the median home price in Bishop Hill is $77,964, which serves as a baseline for calculating taxes. The actual tax bill varies significantly depending on the property's assessed value and the local tax rate. At the 25th percentile, homeowners might pay around $711, while those at the 75th percentile could see tax bills of approximately $2,293. The top 10% of properties have tax bills nearing $3,969. This variability can impact homeowners differently, with higher-valued properties shouldering a larger tax burden compared to those with lower values. Understanding these factors is crucial for homeowners to anticipate and manage their property tax obligations effectively.
Average Bishop Hill Tax Bill
$1,359
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bishop Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61419 | $453 | $711 | $1,359 | $2,293 | $3,969 |
Source: Ownwell