Hidalgo, Illinois Property Taxes
The median property tax rate in Hidalgo, Illinois is 6.83%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hidalgo at $30,575, the typical annual property tax bill reaches $1,847, which is below the national median of $2,690. Property taxes in Hidalgo are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Hidalgo's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hidalgo or another part of Jasper County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hidalgo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.83%
Estimate Property Tax Bill
$2,088
$1,938
Ownwell’s Hidalgo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hidalgo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hidalgo 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 Hidalgo, Illinois
Property taxes in Hidalgo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hidalgo is 2.08%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Hidalgo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hidalgo 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 Hidalgo's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62432 zip code has the highest median property tax rate of 2.08%, while the same zip code also has the lowest median tax rate of 2.08%. Understanding how these areas compare with Hidalgo provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hidalgo Tax Rate
6.83%
Average Jasper County Tax Rate
6.74%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hidalgo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62432 | 2.32% | 4.95% | 6.83% | 8.09% | 8.43% |
Source: Ownwell
Property Tax Assessment Values Across Hidalgo, Illinois
In Hidalgo, 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 Jasper County Assessor 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 Hidalgo, 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. The median home price in Hidalgo is $30,575, and the annual property tax bill ranges from $812 at the 25th percentile to $4,811 at the 90th percentile. The highest and lowest median tax bill is $1,847 in the 62432 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hidalgo Assessed Value
$30,575
Average Jasper County Assessed Value
$34,930
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hidalgo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62432 | $8,812 | $16,495 | $30,575 | $49,042 | $70,063 |
Source: Ownwell
Property Tax Bills Across Hidalgo, Illinois
In Hidalgo, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor. Several factors are considered, including the property's size, location, and condition. Homeowners in Hidalgo face varying tax bills; for instance, the 25th percentile tax bill is $812, while the 75th percentile reaches $3,370, and the 90th percentile can be as high as $4,811. The median home price in the area is $30,575, which is significantly lower than the national median. This means that even though the tax rate might be similar, the actual dollar amount paid is less. However, the highest median tax bill in the 62432 zip code is $1,847. These property taxes fund essential services like schools, emergency services, and infrastructure, directly impacting the quality of life for homeowners.
Average Hidalgo Tax Bill
$1,847
Average Jasper County Tax Bill
$2,022
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hidalgo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62432 | $337 | $812 | $1,847 | $3,370 | $4,811 |
Source: Ownwell