Hampshire, Mchenry County, Illinois Property Taxes

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

Median Hampshire, IL effective property tax rate: 2.30%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Hampshire, IL home value: $286,995
Median annual Hampshire, IL tax bill: $5,867, $3,467 higher than the national median property tax bill of $2,400.

How are property taxes in McHenry calculated?

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

Last Updated March 1, 2025

Hampshire, Mchenry County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.3%

Estimate Property Tax Bill

$6,601

$6,125

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

Property Tax Rates Across Hampshire, Mchenry County, Illinois

Local government entities determine tax rates, which can differ significantly within a state. This variability arises because each county annually calculates its necessary budget to fund services and divides this amount by the total value of all taxable properties in its area. This calculation establishes the property tax rate. While voting and legislation play a role in setting tax rates and budgets, this is essentially the yearly procedure.

In Hampshire, located in McHenry County, Illinois, the effective property tax rate is notably higher than the national median of 1.02%. This reflects the local government's budgetary needs and the total assessed value of properties within the county. Comparatively, Illinois has a median property tax rate of 2.30%, positioning it among the states with the highest property tax rates in the country. This can result in property tax bills that significantly exceed the national median of $2,400. Understanding these figures can help property owners in Hampshire and across Illinois make informed decisions about property tax appeals and exemptions, ultimately ensuring they are not overpaying on their property taxes.

Property Tax Rates Across Hampshire, Mchenry County, Illinois

Source: Ownwell

2.29%

2.72%

3.15%

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 Hampshire Tax Rate

2.30%

Median Effective Mchenry County Tax Rate

2.75%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Hampshire, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60140	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Hampshire, Mchenry County, Illinois

When examining property taxes in HAMPSHIRE, IL, 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 McHenry County appraisal district 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.

In McHenry County, assessment notices 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 HAMPSHIRE. For example, the median home price in HAMPSHIRE is $286,995, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Hampshire, Mchenry County, Illinois

Source: Ownwell

$134,019

$378,264

$622,508

Median Hampshire Market Value

$286,995

Median Mchenry County Market Value

$241,654

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Hampshire, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60140	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Hampshire, Mchenry County, Illinois

In Hampshire, located in McHenry County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value typically represents a percentage of the market value. With a median home price of $286,995, homeowners in Hampshire often face tax bills that are significantly higher than the national median property tax bill of $2,400. In fact, the 25th percentile tax bill in Hampshire is $4,484, indicating that even the lower end of tax bills exceeds the national average. At the higher end, the 75th percentile tax bill reaches $7,179, with the 90th percentile climbing to $7,949. These figures underscore the substantial financial impact on homeowners. Ownwell offers a solution by providing property tax appeal services, helping homeowners challenge and potentially reduce their assessed values. By leveraging expert knowledge and experience, Ownwell can assist homeowners in navigating the complexities of property tax systems, ultimately aiming to lower their tax liabilities and ease their financial burden.

Property Tax Bills Across Hampshire, Mchenry County, Illinois

Source: Ownwell

$3,508

$9,978

$16,448

Median Hampshire Tax Bill

$5,867

Median Mchenry County Tax Bill

$6,534

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Hampshire, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60140	N/A	N/A	N/A	N/A	N/A

Source: Ownwell