Thompsonville, Hamilton County, Illinois Property Taxes

Local government entities in Illinois set property tax rates, which can vary widely even within the same state. Each year, counties like Hamilton estimate the budget needed to provide essential services and then divide this by the assessed value of all taxable property in their jurisdiction. This calculation determines the property tax rate. While votes and legislation play a role in the process, this is the basic method used annually.

In Thompsonville, located in Hamilton County, the effective property tax rate stands at 1.63%. This rate is notably higher than the national median property tax rate of 1.02%, reflecting the varying tax landscapes across different regions. When comparing Thompsonville’s tax rate to other cities in Illinois, it aligns with the highest and lowest median tax rates in the state, both recorded at 1.63%. This underscores the consistency of property tax rates within this specific area, contrasting with the broader variability found nationwide.

In Thompsonville, located in Hamilton County, IL, property tax bills are calculated 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. With a median home price of $73,602, homeowners in Thompsonville face a median tax bill significantly lower than the national median of $2,400. However, tax bills can vary widely, with the 25th percentile at $508 and the 90th percentile reaching $3,002. These variations depend on factors such as property location, improvements, and local levies.

Homeowners can feel the impact of these taxes, especially when bills fall on the higher end of the spectrum. This is where Ownwell comes in, offering expert property tax appeal and exemption services to help reduce these burdens. By analyzing individual cases and leveraging local tax laws, Ownwell assists homeowners in potentially lowering their tax bills, ensuring they pay only their fair share.