Henry, Illinois Property Taxes
The median property tax rate in Henry, IL is 2.35%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Henry, the typical annual property tax bill reaches $3,075, exceeding the national median of $2,690. Property taxes in Henry 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 Henry'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 Henry 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
Henry, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$3,198
$3,125
Ownwell’s Henry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Henry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Henry 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 Henry, Illinois
Property taxes in Henry, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Henry is 1.73%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Henry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henry 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 Henry's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61537 zip code has the highest median property tax rate of 2.35%, while the same zip code also has the lowest median tax rate of 2.35%. Understanding how these cities compare with Henry provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Henry Tax Rate
2.35%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61537 | 1.96% | 2.22% | 2.35% | 2.59% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Henry, Illinois
In Henry, 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 local 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 Henry, 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 Henry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61537, with a tax bill of $3,075.
Average Henry Assessed Value
$136,089
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61537 | $41,049 | $83,956 | $136,089 | $165,728 | $267,204 |
Source: Ownwell
Property Tax Bills Across Henry, Illinois
In Henry, located in Marshall County, IL, property tax bills are calculated based on the assessed value of a property, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the final tax bill. Several factors influence this calculation, including the property's market value, assessment ratio, and local tax rate. For homeowners in Henry, the median home price stands at $136,089. The tax bill can vary significantly, with the 25th percentile paying around $1,876 and the 75th percentile seeing bills as high as $4,247. On the higher end, the 90th percentile of homeowners may face tax bills up to $7,138. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Henry to understand how their local rates stack up. High property taxes can impact affordability and overall cost of living, influencing decisions on homeownership and long-term financial planning.
Average Henry Tax Bill
$3,075
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Henry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61537 | $1,037 | $1,876 | $3,075 | $4,247 | $7,138 |
Source: Ownwell