Humboldt, Illinois Property Taxes
The median property tax rate in Humboldt, IL is 2.42%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Humboldt at $79,212, the typical annual property tax bill reaches $1,897, which is below the national median of $2,690. Property taxes in Humboldt 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 Humboldt'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 Humboldt 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
Humboldt, 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 Humboldt Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Humboldt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Humboldt 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 Humboldt, Illinois
Property taxes in Humboldt, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Humboldt is 2.42%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Humboldt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Humboldt 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 Humboldt's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61931 zip code has the highest median property tax rate of 2.42%, while the lowest median tax rate in the area is also 2.42%. Understanding how these cities compare with Humboldt provides valuable insights into the varying tax landscape across Coles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Humboldt Tax Rate
2.42%
Average Coles County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Humboldt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61931 | 1.75% | 2.33% | 2.42% | 2.47% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Humboldt, Illinois
In Humboldt, 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 Coles County Assessor 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 Humboldt, 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. The highest median tax bill in Humboldt is $1,897 in the 61931 zip code, while the lowest median tax bill is also $1,897 in the same zip code. Being aware of these valuation processes in Humboldt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Humboldt Assessed Value
$79,212
Average Coles County Assessed Value
$64,296
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Humboldt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61931 | $11,857 | $35,787 | $79,212 | $145,662 | $245,659 |
Source: Ownwell
Property Tax Bills Across Humboldt, Illinois
Property tax bills in Humboldt, IL, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For instance, if the median home price in Humboldt is $79,212, the assessed value would be a fraction of this amount, depending on local assessment ratios. Property tax rates are then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location within Coles County, local tax rates, and any applicable exemptions. In Humboldt, the tax bills can vary significantly, with the 25th percentile at $828 and the 90th percentile reaching up to $6,561. The median property tax bill in the area is $1,897, which is slightly above the national median property tax rate of 0.99%. This variation in tax bills affects homeowners differently, potentially impacting their financial planning and overall cost of homeownership.
Average Humboldt Tax Bill
$1,897
Average Coles County Tax Bill
$1,659
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Humboldt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61931 | $371 | $828 | $1,897 | $3,699 | $6,561 |
Source: Ownwell