Tunnel Hill, Illinois Property Taxes
The median property tax rate in Tunnel Hill, IL is 1.71%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Tunnel Hill at $54,266, the typical annual property tax bill reaches $878, which is below the national median of $2,690. Property taxes in Tunnel Hill 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 Tunnel Hill'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 Tunnel Hill 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
Tunnel Hill, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$928
$861
Ownwell’s Tunnel Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tunnel Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tunnel Hill 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 Tunnel Hill, Illinois
Property taxes in Tunnel Hill, IL, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Tunnel Hill is 1.71%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Tunnel Hill set these rates annually, and they can vary across different neighborhoods. Each year, Tunnel Hill 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 Tunnel Hill's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62972 has the highest median property tax rate of 1.71%, while 62972 also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Tunnel Hill provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tunnel Hill Tax Rate
1.71%
Average Pope County Tax Rate
1.65%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tunnel Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62972 | 1.52% | 1.59% | 1.71% | 1.82% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Tunnel Hill, Illinois
In Tunnel Hill, 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 Pope 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. In Tunnel Hill, 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 Tunnel Hill 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 $878 in the 62972 zip code, which is also the lowest median tax bill, reflecting a consistent tax burden across the region.
Average Tunnel Hill Assessed Value
$54,266
Average Pope County Assessed Value
$84,555
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tunnel Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62972 | $37,080 | $43,525 | $54,266 | $65,006 | $71,451 |
Source: Ownwell
Property Tax Bills Across Tunnel Hill, Illinois
In Tunnel Hill, property tax bills are calculated based on the assessed value of a property, which is typically a fraction of its market value. The median home price in Tunnel Hill is $54,266, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax amount, including local levies for schools, infrastructure, and public services. Homeowners in Tunnel Hill can expect their property tax bills to vary. For example, the tax bill at the 25th percentile is $757, while at the 75th percentile, it rises to $999. At the 90th percentile, it reaches $1,072. These figures illustrate the range within which most homeowners' tax bills fall, providing a clear picture of the financial impact. Compared to the national median property tax rate of 0.99%, the property tax situation in Tunnel Hill is relatively moderate. Understanding these components helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Tunnel Hill Tax Bill
$878
Average Pope County Tax Bill
$1,262
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tunnel Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62972 | $684 | $757 | $878 | $999 | $1,072 |
Source: Ownwell