Hillsboro, Montgomery County, Illinois Property Taxes
Median Hillsboro, IL effective property tax rate: 2.43%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Hillsboro, IL home value: $104,768
Median annual Hillsboro, IL tax bill: $2,314, $86 lower than the national median property tax bill of $2,400.
How are property taxes in Montgomery calculated?
Property taxes in Hillsboro, 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 Hillsboro’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hillsboro, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Hillsboro, Montgomery County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.43%
Estimate Property Tax Bill
$2,546
$2,362
Ownwell’s Hillsboro Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hillsboro with just two data points.
By entering your property's estimated assessed value, our calculator applies Hillsboro’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 Hillsboro, Montgomery County, Illinois
Local government entities are responsible for setting property tax rates, and these can vary significantly within a state. This variation occurs because each county annually estimates the budget required to provide essential services and divides that by the total assessed value of all taxable property within its jurisdiction, resulting in the property tax rate. Though votes and legislative measures play a role in shaping these rates and budgets, this is essentially the annual process.
In Hillsboro, located in Montgomery County, IL, the effective property tax rate stands out when compared to other cities in Illinois. It's important to note that the median property tax rate in Illinois is 2.43%, which is considerably higher than the national median rate of 1.02%. This means that property owners in Hillsboro might experience tax rates that are more than double the national average, impacting their financial planning and property investment decisions. Understanding these differences is crucial for homeowners and potential buyers as they navigate the complexities of property taxes in Illinois.
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 Hillsboro Taxx Rate
2.43%
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 Montgomery County Taxx Rate
2.46%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Montgomery County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62049 | 1.54% | 2.09% | 2.43% | 2.70% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Montgomery County, Illinois
When examining property taxes in Hillsboro, Illinois, 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 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 Montgomery 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 Hillsboro. For example, the median home price in Hillsboro is $104,768, with tax bills ranging significantly across the county. Zip code 62049 has the highest median home price at $104,768.
Property Tax Assessment Values Across Hillsboro, Montgomery County, Illinois
Source: Ownwell
$80,096
$125,436
$170,775
Median Hillsboro Market Value
$104,768
Median Montgomery County Market Value
$105,765
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Hillsboro, Montgomery County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62049 | $28,800 | $58,755 | $104,768 | $157,815 | $211,337 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Montgomery County, Illinois
In Hillsboro, located in Montgomery County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Hillsboro face a wide range of tax bills, with the 25th percentile at $1,315 and the 75th percentile at $3,892. The highest median tax bill in the area is $2,314, which is below the national median property tax bill of $2,400. Factors such as location, property size, and local government budgets influence these taxes, impacting homeowners financially.
Ownwell assists homeowners by identifying potential savings on property taxes through appeals and exemptions. By analyzing property assessments and market conditions, Ownwell's experts can help reduce tax liabilities, ensuring homeowners pay only their fair share. This service not only alleviates financial pressure but also provides peace of mind, knowing that property taxes are accurately assessed and managed.
Median Hillsboro Tax Bill
$2,314
Median Montgomery County Tax Bill
$2,523
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Montgomery County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62049 | $647 | $1,315 | $2,314 | $3,892 | $5,375 |
Source: Ownwell