Hopedale, Illinois Property Taxes
The median property tax rate in Hopedale, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hopedale, the typical annual property tax bill reaches $3,044, exceeding the national median of $2,690. Property taxes in Hopedale 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 Hopedale'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 Hopedale 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
Hopedale, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Hopedale Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopedale to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities, helping you make informed financial decisions. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by Tazewell County, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Hopedale, Illinois
Property taxes in Hopedale, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopedale is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hopedale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopedale 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 Hopedale's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61747 zip code has the highest median property tax rate of 2.26%, while the same zip code also has the lowest median tax rate of 2.26%. Understanding how these cities compare with Hopedale provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopedale Tax Rate
2.26%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopedale, 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, Illinois
In Hopedale, 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 Tazewell 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 Hopedale, 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 Hopedale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hopedale are both $3044, with the zip code 61747.
Average Hopedale Assessed Value
$135,360
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopedale, 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, Illinois
In Hopedale, located in Tazewell County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the tax bill. For instance, if the median home price in Hopedale is $135,360, homeowners can expect to pay taxes within a range. At the 25th percentile, the tax bill is around $1,969, while at the 75th percentile, it climbs to $4,453. At the 90th percentile, it can reach as high as $5,921. These tax bills are influenced by various factors, including local government budgets, school funding requirements, and infrastructure needs. Compared to the national median property tax rate of 0.99%, homeowners in Hopedale may experience varying financial impacts based on their home's assessed value and the specific tax rate applied. This can significantly affect household budgets, making it crucial for homeowners to understand how their property taxes are calculated and the factors that influence them.
Average Hopedale Tax Bill
$3,044
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopedale, 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