Hartford, Illinois Property Taxes
The median property tax rate in Hartford, IL is 2.03%, which is considerably higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Hartford, the typical annual property tax bill reaches $1,025, which exceeds the national median of $2,690. Property taxes in Hartford 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 Hartford'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 Hartford 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
Hartford, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$1,046
$971
Ownwell’s Hartford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hartford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hartford 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 Hartford, Illinois
Property taxes in Hartford, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hartford is 2.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hartford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hartford 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 Hartford's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62048 has the highest median property tax rate of 2.03%, while the same zip code also has the lowest median tax rate of 2.03%. Understanding how these cities compare with Hartford provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hartford Tax Rate
2.03%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hartford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62048 | 0.76% | 1.50% | 2.03% | 2.73% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across Hartford, Illinois
In Hartford, 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 Madison 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. Assessment notices in Hartford 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 Hartford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 62048, with a tax bill of $1025.
Average Hartford Assessed Value
$51,532
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hartford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62048 | $30,451 | $38,086 | $51,532 | $70,624 | $99,222 |
Source: Ownwell
Property Tax Bills Across Hartford, Illinois
In Hartford, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Hartford is $51,532. Property tax rates in this region are influenced by various factors, including local government budgets and school district funding needs. For instance, the tax bill at the 25th percentile is $589, while at the 75th percentile, it reaches $1,544. Homeowners at the 90th percentile can expect a tax bill of about $2,184. These bills are determined by multiplying the assessed value of the property by the local tax rate. The highest and lowest median tax bills in Hartford are both $1,025, indicating a relatively consistent tax rate within the 62048 zip code. Compared to the national median property tax rate of 0.99%, Hartford's property taxes can be seen as moderate, impacting homeowners by contributing to local services and infrastructure, which in turn can affect property values and community quality of life.
Average Hartford Tax Bill
$1,025
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hartford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62048 | $279 | $589 | $1,025 | $1,544 | $2,184 |
Source: Ownwell