Good Hope, Mcdonough County, Illinois Property Taxes

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

Median Good Hope, IL effective property tax rate: 2.79%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Good Hope, IL home value: $49,107
Median annual Good Hope, IL tax bill: $1,371, $1,029 lower than the national median property tax bill of $2,400.

How are property taxes in McDonough calculated?

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

Last Updated March 1, 2025

Good Hope, Mcdonough County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.3%

Estimate Property Tax Bill

$2,034

$1,887

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

Property Tax Rates Across Good Hope, Mcdonough County, Illinois

As noted earlier, local government entities set tax rates, which can vary widely within a state. Why? 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 Good Hope’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Good Hope, located in McDonough County, experiences a property tax rate that significantly exceeds the national median of 1.02%. The median property tax rate in Illinois is 2.79%, which is considerably higher than the national average. This difference can have a substantial impact on homeowners' annual tax bills, especially when compared to the national median property tax bill of $2400. Such disparities highlight the importance of understanding local tax rates and exploring potential property tax appeals or exemptions to manage financial obligations effectively.

Property Tax Rates Across Good Hope, Mcdonough County, Illinois

Source: Ownwell

1.70%

2.45%

3.19%

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 Good Hope Tax Rate

2.30%

Median Effective Mcdonough County Tax Rate

2.96%

Median Effective Illinois Tax Rate

2.33%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Good Hope, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61438	1.31%	1.90%	2.30%	2.77%	2.83%

Source: Ownwell

Property Tax Assessment Values Across Good Hope, Mcdonough County, Illinois

When examining property taxes in Good Hope, 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 McDonough County Assessor 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. Assessment notices: In McDonough 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 Good Hope. For example, the median home price in Good Hope is $49,107, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Good Hope, Mcdonough County, Illinois

Source: Ownwell

$37,314

$69,338

$101,361

Median Good Hope Market Value

$88,422

Median Mcdonough County Market Value

$74,048

Median Illinois Market Value

$227,888

Median United States Market Value

$235,294

Property Tax Assessment Values Across Good Hope, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61438	$24,898	$55,478	$88,422	$122,378	$161,980

Source: Ownwell

Property Tax Bills Across Good Hope, Mcdonough County, Illinois

In Good Hope, located in McDonough County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $49,107, and homeowners can expect varying tax bills depending on their property's assessed value and the local tax rate. While the national median property tax bill is $2,400, residents in Good Hope typically see a 25th percentile tax bill of $532, with the 75th percentile reaching $2,623, and the 90th percentile peaking at $2,803. Several factors, including local government budgets and school funding needs, influence these rates, directly impacting homeowners' finances. Ownwell offers significant savings opportunities by helping homeowners appeal their property tax assessments and secure exemptions where applicable. By ensuring that assessments are fair and accurate, Ownwell can help reduce the financial burden on homeowners, potentially saving them hundreds or even thousands of dollars annually.

Property Tax Bills Across Good Hope, Mcdonough County, Illinois

Source: Ownwell

$602

$1,660

$2,717

Median Good Hope Tax Bill

$1,809

Median Mcdonough County Tax Bill

$2,037

Median Illinois Tax Bill

$5,277

Median United States Tax Bill

$2,400

Property Tax Bills Across Good Hope, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61438	$450	$973	$1,809	$2,885	$4,218

Source: Ownwell