Harvel, Montgomery County, Illinois Property Taxes

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

Median Harvel, IL effective property tax rate: 2.63%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Harvel, IL home value: $170,775
Median annual Harvel, IL tax bill: $4,694, $2,294 higher than the national median property tax bill of $2,400.

How are property taxes in Montgomery calculated?

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

Last Updated March 1, 2025

Harvel, Montgomery County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.63%

Estimate Property Tax Bill

$4,491

$4,168

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

Property Tax Rates Across Harvel, Montgomery County, Illinois

Local government entities set property tax rates, which can vary significantly within a state. Each year, counties estimate their required budget to provide essential services. This budget is then divided by the total value of all taxable property within the jurisdiction to determine the property tax rate. Though votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell.

In Harvel, located in Montgomery County, Illinois, the effective property tax rate stands at 2.63%. This rate is notably higher than the national median property tax rate of 1.02%. Compared to other cities within Illinois, Harvel's rate aligns with the state median, reflecting the local government's budgetary needs and taxable property values. Understanding these dynamics is crucial for property owners looking to manage their tax liabilities effectively. By appealing or seeking exemptions, property owners can potentially reduce their tax burden, making it essential to stay informed about local property tax trends.

Property Tax Rates Across Harvel, Montgomery County, Illinois

Source: Ownwell

2.05%

2.39%

2.72%

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 Harvel Tax Rate

2.63%

Median Effective Montgomery County Tax Rate

2.46%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Harvel, Montgomery County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62538	2.45%	2.50%	2.63%	2.91%	3.01%

Source: Ownwell

Property Tax Assessment Values Across Harvel, Montgomery County, Illinois

When examining property taxes in Harvel, 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 Montgomery County Assessor's Office 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 Montgomery County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Harvel. For example, the median home price in Harvel is $170,775, with tax bills ranging significantly across the county. ZIP code 62538 has the highest median home price at $170,775.

Property Tax Assessment Values Across Harvel, Montgomery County, Illinois

Source: Ownwell

$80,096

$125,436

$170,775

Median Harvel Market Value

$170,775

Median Montgomery County Market Value

$105,765

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Harvel, Montgomery County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62538	$52,380	$120,525	$170,775	$196,838	$228,990

Source: Ownwell

Property Tax Bills Across Harvel, Montgomery County, Illinois

In Harvel, Montgomery County, IL, property tax bills are determined by assessing the property's value and applying the local tax rate. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the tax rate to calculate the tax bill. In Harvel, the tax bill can vary significantly, with the 25th percentile at $3,360 and the 75th percentile reaching $5,491, while the 90th percentile hits $6,552. This variability can impact homeowners' budgets, especially when the median tax bill in Harvel is considerably higher than the national median of $2,400. Ownwell's expertise can help homeowners navigate these complexities, ensuring they're not overpaying. By analyzing the assessed value and identifying potential discrepancies, Ownwell can appeal unjust valuations and secure exemptions where applicable. This service can result in significant savings, easing the financial burden on homeowners and ensuring they only pay their fair share in property taxes.

Property Tax Bills Across Harvel, Montgomery County, Illinois

Source: Ownwell

$1,498

$3,096

$4,694

Median Harvel Tax Bill

$4,694

Median Montgomery County Tax Bill

$2,523

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Harvel, Montgomery County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62538	$2,010	$3,360	$4,694	$5,491	$6,552

Source: Ownwell