Hudson, Illinois Property Taxes
The median property tax rate in Hudson, IL is 2.57%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hudson at $205,756, the typical annual property tax bill reaches $5,120, exceeding the national median of $2,690. Property taxes in Hudson 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 Hudson'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 Hudson 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
Hudson, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$5,288
$5,167
Ownwell’s Hudson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hudson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hudson 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 Hudson, Illinois
Property taxes in Hudson, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hudson is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hudson set these rates annually, and they can vary across different neighborhoods. Each year, Hudson 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 Hudson's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61748 has both the highest and lowest median property tax rate of 2.57%, indicating uniformity within this area. Understanding how these cities compare with Hudson provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hudson Tax Rate
2.57%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hudson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61748 | 2.19% | 2.41% | 2.57% | 2.67% | 2.74% |
Source: Ownwell
Property Tax Assessment Values Across Hudson, Illinois
In Hudson, 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 McLean 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 Hudson, 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. For example, in Hudson, the median home price is $205,756, with property tax bills ranging from $3,471 at the 25th percentile to $11,978 at the 90th percentile. 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 Hudson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hudson Assessed Value
$205,756
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hudson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61748 | $112,527 | $146,183 | $205,756 | $289,960 | $444,620 |
Source: Ownwell
Property Tax Bills Across Hudson, Illinois
In Hudson, McLean County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Local assessors determine this assessed value, which is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in Hudson is $205,756, and the median property tax rate in Illinois is 2.16%, significantly higher than the national median of 0.99%. This higher rate results in substantial tax bills for homeowners. For instance, the 25th percentile tax bill in Hudson is $3,471, while the 75th percentile reaches $7,551, and the 90th percentile can soar to $11,978. These figures highlight the significant financial impact property taxes can have on homeowners. Factors such as local government budgets, school funding, and public services contribute to the tax rate, making it essential for homeowners to understand how their tax bills are determined and the potential for appeal or exemption to manage their financial obligations effectively.
Average Hudson Tax Bill
$5,120
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hudson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61748 | $2,449 | $3,471 | $5,120 | $7,551 | $11,978 |
Source: Ownwell