Hainesville, Illinois Property Taxes
The median property tax rate in Hainesville, IL is 3.52%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hainesville, the typical annual property tax bill reaches $6,503, exceeding the national median of $2,690. Property taxes in Hainesville 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 Hainesville'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 Hainesville 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
Hainesville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.52%
Estimate Property Tax Bill
$6,592
$6,442
Ownwell’s Hainesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hainesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hainesville 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 Hainesville, Illinois
Property taxes in Hainesville, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hainesville is 3.52%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hainesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hainesville 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 Hainesville's effective property tax rate to other areas in Lake County and the national median. For comparison, the 60030 zip code has the highest median property tax rate of 3.70%, while the 60073 zip code has the lowest median tax rate of 2.92%. Understanding how these cities compare with Hainesville provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hainesville Tax Rate
3.52%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hainesville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60030 | 3.47% | 3.62% | 3.70% | 3.75% | 4.04% |
| 60073 | 2.80% | 2.88% | 2.92% | 3.09% | 3.30% |
Source: Ownwell
Property Tax Assessment Values Across Hainesville, Illinois
In Hainesville, 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 Lake 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 Hainesville, 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 Hainesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $8,003 in the 60030 zip code, while the lowest is $4,451 in the 60073 zip code.
Average Hainesville Assessed Value
$187,283
Average Lake County Assessed Value
$260,862
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hainesville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60030 | $162,634 | $179,757 | $219,547 | $243,045 | $271,252 |
| 60073 | $124,101 | $138,089 | $150,678 | $166,588 | $222,181 |
Source: Ownwell
Property Tax Bills Across Hainesville, Illinois
In Hainesville, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. For example, if a home in Hainesville has a median market price of $187,283, the assessed value will be a fraction of this amount. The tax rate, applied to this assessed value, determines the final tax bill. Several factors influence the tax bill, including the property's location within Lake County, specific tax rates set by local taxing authorities, and any applicable exemptions or deductions. Homeowners in Hainesville can expect a wide range of tax bills. The 25th percentile tax bill is around $4,480, while the 75th percentile is approximately $8,358. The highest median tax bill in the region is $8,003, observed in the 60030 zip code. These property taxes significantly impact homeowners, making it crucial to understand how they are calculated and the factors that influence them.
Average Hainesville Tax Bill
$6,503
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hainesville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60030 | $5,827 | $6,551 | $8,003 | $8,972 | $10,146 |
| 60073 | $3,466 | $3,985 | $4,451 | $5,304 | $6,774 |
Source: Ownwell