Hooppole, Illinois Property Taxes
The median property tax rate in Hooppole, IL is 2.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hooppole at $61,143, the typical annual property tax bill reaches $1,211, which is below the national median of $2,690. Property taxes in Hooppole 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 Hooppole'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 Hooppole 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
Hooppole, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.07%
Estimate Property Tax Bill
$1,266
$1,237
Ownwell’s Hooppole Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hooppole with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hooppole to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making financial planning easier. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, assigned by Henry County, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Hooppole, Illinois
Property taxes in Hooppole, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hooppole is 2.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hooppole set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hooppole 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 Hooppole's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61258 zip code has the highest median property tax rate of 2.07%, while the lowest median tax rate is also 2.07% in the same zip code. Understanding how these areas compare with Hooppole 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 Hooppole Tax Rate
2.07%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hooppole, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61258 | 0.97% | 1.63% | 2.07% | 2.84% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Hooppole, Illinois
In Hooppole, 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 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 Hooppole, 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 Hooppole helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61258 has the highest median tax bill at $1,211, while the lowest median tax bill is also $1,211.
Average Hooppole Assessed Value
$61,143
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 Hooppole, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61258 | $28,076 | $43,657 | $61,143 | $74,142 | $98,509 |
Source: Ownwell
Property Tax Bills Across Hooppole, Illinois
In Hooppole, property tax bills are calculated based on the assessed value of a home, which is determined by the Henry County assessor's office. The assessed value typically represents a percentage of the property's market value. For example, with a median home price of $61,143, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $667, while those in the 75th percentile face bills of approximately $1,589. The 90th percentile sees even higher amounts, reaching up to $2,083. Several factors influence these tax bills, including the property's location, improvements, and overall market conditions. Comparatively, the median tax bill in Hooppole aligns closely with the highest median tax bill in the region, which is $1,211. These property taxes fund essential local services such as schools, emergency services, and infrastructure. Understanding how these taxes are calculated helps homeowners anticipate their annual expenses and better manage their finances.
Average Hooppole Tax Bill
$1,211
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hooppole, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61258 | $267 | $667 | $1,211 | $1,589 | $2,083 |
Source: Ownwell