Tampico, Illinois Property Taxes
The median property tax rate in Tampico, IL is 2.08%, which is significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Tampico at $84,609, the typical annual property tax bill reaches $1,586, which is below the national median of $2,690. Property taxes in Tampico are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Tampico'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 Tampico 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
Tampico, 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 Tampico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tampico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tampico 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 Tampico, Illinois
Property taxes in Tampico, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tampico is 2.08%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Tampico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tampico 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 Tampico's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61283 zip code has both the highest and lowest median property tax rate of 2.08%. Understanding how these areas compare with Tampico provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tampico Tax Rate
2.08%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tampico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61283 | 1.24% | 1.75% | 2.08% | 2.36% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Tampico, Illinois
In Tampico, 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 Whiteside 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 Tampico, 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 Tampico helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $1,586 in the 61283 zip code, while the lowest is also $1,586 in the same zip code.
Average Tampico Assessed Value
$84,609
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tampico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61283 | $28,762 | $58,059 | $84,609 | $110,733 | $135,565 |
Source: Ownwell
Property Tax Bills Across Tampico, Illinois
In Tampico, located in Whiteside County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is typically a percentage of the property's market value. For example, if the median home price in Tampico is $84,609, the assessed value would be a fraction of this amount. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, size, and any applicable exemptions. The tax bill in Tampico can vary significantly, with the 25th percentile at $1,034 and the 75th percentile at $2,286, indicating a broad range of tax obligations for homeowners. The highest median tax bill in the area, recorded at $1,586, is comparable to the national median property tax rate of 0.99%. Understanding how these factors come together helps homeowners anticipate their annual property tax expenses and manage their finances accordingly.
Average Tampico Tax Bill
$1,586
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tampico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61283 | $556 | $1,034 | $1,586 | $2,286 | $2,947 |
Source: Ownwell