Henderson, Illinois Property Taxes
The median property tax rate in Henderson, Illinois is 1.94%, nearly double the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $80,640 in Henderson, the typical annual property tax bill amounts to $1,589, which is below the national median of $2,690. Property taxes in Henderson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Henderson'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 Henderson 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
Henderson, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$1,564
$1,529
Ownwell’s HENDERSON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HENDERSON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HENDERSON 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 Henderson, Illinois
Property taxes in Henderson, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Henderson is 1.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Henderson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henderson 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 Henderson's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61439 zip code has the highest median property tax rate of 1.94%, while the 61439 zip code also has the lowest median tax rate of 1.94%. Understanding how these cities compare with Henderson provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Henderson Tax Rate
1.94%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henderson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61439 | 1.15% | 1.55% | 1.94% | 2.25% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Henderson, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Henderson, Illinois. 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 Knox 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 Henderson, 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 Henderson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,589 in zip code 61439, offering a point of comparison for residents.
Average Henderson Assessed Value
$80,640
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henderson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61439 | $38,070 | $53,940 | $80,640 | $109,065 | $150,006 |
Source: Ownwell
Property Tax Bills Across Henderson, Illinois
In Henderson, located in Knox County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value typically represents a percentage of the property's market value. Homeowners in Henderson can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $877, while the 75th percentile reaches $2,082, and the 90th percentile can go as high as $3,236. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. The median home price in Henderson is $80,640, which helps determine the assessed value. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for evaluating local rates. High property taxes can affect homeowners by increasing the cost of owning a home, potentially impacting housing affordability and overall financial planning.
Average Henderson Tax Bill
$1,589
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Henderson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61439 | $497 | $877 | $1,589 | $2,082 | $3,236 |
Source: Ownwell