Hopedale, Tazewell County, Illinois Property Taxes

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

Median Hopedale, IL effective property tax rate: 2.26%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Hopedale, IL home value: $135,360
Median annual Hopedale, IL tax bill: $3,044, $644 higher than the national median property tax bill of $2,400.

How are property taxes in Tazewell calculated?

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

Last Updated March 1, 2025

Hopedale, Tazewell County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.26%

Estimate Property Tax Bill

$3,059

$2,839

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

Property Tax Rates Across Hopedale, Tazewell County, Illinois

Local government entities set tax rates, which can vary widely within a state. This is because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Hopedale’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

In Hopedale, located in Tazewell County, the property tax rate stands at 2.26%, which is significantly higher than the national median of 1.02%. This places Hopedale among the cities with the highest property tax rates in Illinois. The median property tax bill in Hopedale reflects this elevated rate, contrasting sharply with the national median of $2,400. Understanding these figures is crucial for property owners in Hopedale, as it highlights the importance of appealing property tax assessments to potentially lower tax bills.

Property Tax Rates Across Hopedale, Tazewell County, Illinois

Source: Ownwell

1.96%

2.38%

2.80%

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 Hopedale Tax Rate

2.26%

Median Effective Tazewell County Tax Rate

2.46%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Hopedale, Tazewell County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61747	1.83%	2.11%	2.26%	2.45%	2.87%

Source: Ownwell

Property Tax Assessment Values Across Hopedale, Tazewell County, Illinois

When examining property taxes in Hopedale, 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 Tazewell 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 Tazewell 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 Hopedale. For example, the median home price in Hopedale is $135,360, with tax bills ranging significantly across the county. 61747 has the highest median home price at $135,360.

Property Tax Assessment Values Across Hopedale, Tazewell County, Illinois

Source: Ownwell

$67,290

$196,785

$326,280

Median Hopedale Market Value

$135,360

Median Tazewell County Market Value

$127,050

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Hopedale, Tazewell County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61747	$60,600	$89,295	$135,360	$193,230	$250,590

Source: Ownwell

Property Tax Bills Across Hopedale, Tazewell County, Illinois

In Hopedale, Tazewell County, IL, property tax bills are determined by assessing the property's market value and applying the local tax rate. The median home price in this area is $135,360, which serves as a baseline for calculating the tax bill. The local property tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Hopedale face a median tax bill of $3,044, which is significantly higher than the national median property tax bill of $2,400. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Ownwell assists homeowners by providing property tax appeal and exemption services, which can lead to considerable savings. By evaluating your property's assessed value and comparing it to similar properties, Ownwell can identify discrepancies and file appeals on your behalf, potentially lowering your tax burden. This service ensures that homeowners pay only their fair share, offering peace of mind and financial relief.

Property Tax Bills Across Hopedale, Tazewell County, Illinois

Source: Ownwell

$1,564

$4,524

$7,483

Median Hopedale Tax Bill

$3,044

Median Tazewell County Tax Bill

$3,118

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Hopedale, Tazewell County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61747	$1,227	$1,969	$3,044	$4,453	$5,921

Source: Ownwell