Tampico, Henry County, Illinois Property Taxes

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

Median Tampico, IL effective property tax rate: 2.42%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Tampico, IL home value: $145,108
Median annual Tampico, IL tax bill: $3,336, $936 higher than the national median property tax bill of $2,400.

How are property taxes in Henry County calculated?

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

Last Updated March 1, 2025

Tampico, Henry County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.42%

Estimate Property Tax Bill

$3,512

$3,259

Ownwell’s Tampico Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tampico with just two data points. By entering your property's estimated assessed value, our calculator applies Tampico’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 Henry County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Tampico, Henry County, Illinois

Local government entities set property tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is the annual process in a nutshell.

In Tampico, located in Henry County, Illinois, the effective property tax rate is 2.42%. This rate is notably higher than the national median property tax rate of 1.02%. When compared to other cities in Illinois, Tampico's rate stands at the higher end of the spectrum. This can be attributed to the county's specific budgetary needs and the total assessed value of properties within its jurisdiction.

For residents, understanding this process is crucial as it directly impacts their annual property tax bills, which are a significant consideration for homeowners. With Tampico's rate being more than double the national median, it highlights the importance of property tax appeal services to potentially reduce the financial burden on property owners.

Property Tax Rates Across Tampico, Henry County, Illinois

Source: Ownwell

1.96%

2.25%

2.55%

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 Tampico Tax Rate

2.42%

Median Effective Henry County Tax Rate

2.38%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Tampico, Henry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61283	2.15%	2.27%	2.42%	2.64%	2.69%

Source: Ownwell

Property Tax Assessment Values Across Tampico, Henry County, Illinois

When examining property taxes in Tampico, Illinois, 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 Henry County Assessor 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. Assessment notices in Henry County are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Tampico. For example, the median home price in Tampico is $145,108, with tax bills ranging significantly across the county. 61283 has the highest median home price at $145,108.

Property Tax Assessment Values Across Tampico, Henry County, Illinois

Source: Ownwell

$49,584

$147,291

$244,998

Median Tampico Market Value

$145,108

Median Henry County Market Value

$112,041

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Tampico, Henry County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61283	$93,172	$114,494	$145,108	$190,623	$234,186

Source: Ownwell

Property Tax Bills Across Tampico, Henry County, Illinois

In Tampico, located in Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. With a median home price of $145,108, homeowners in Tampico can expect varying tax bills. For instance, the tax bill at the 25th percentile is $2,630, while at the 75th percentile, it rises to $4,421, and at the 90th percentile, it reaches $6,216. These figures are notably higher than the national median property tax bill of $2,400. Such high property taxes can significantly affect homeowners' finances, making it crucial to ensure that their property is not over-assessed. Ownwell offers valuable assistance by providing property tax appeal and exemption services. By leveraging their expertise, homeowners can potentially lower their tax bills, ensuring they pay only their fair share and easing their financial burden.

Property Tax Bills Across Tampico, Henry County, Illinois

Source: Ownwell

$1,211

$3,278

$5,345

Median Tampico Tax Bill

$3,336

Median Henry County Tax Bill

$2,634

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Tampico, Henry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61283	$2,172	$2,630	$3,336	$4,421	$6,216

Source: Ownwell