Herod, Illinois Property Taxes
The median property tax rate in Herod, Illinois is 1.64%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Herod, the typical annual property tax bill reaches $1,414, which is below the national median of $2,690. Property taxes in Herod 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 Herod'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 Herod 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
Herod, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$1,405
$1,373
Ownwell’s Herod Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Herod with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Herod 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 Herod, Illinois
Property taxes in Herod, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Herod is 1.64%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Herod set these rates annually, and they can vary significantly across different neighborhoods. Each year, Herod 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 Herod's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62947 has both the highest and lowest median property tax rate of 1.64%. Understanding how these cities compare with Herod provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Herod Tax Rate
1.64%
Average Pope County Tax Rate
1.65%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Herod, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62947 | 1.08% | 1.31% | 1.64% | 1.91% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Herod, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Herod, 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 Pope 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 Herod, 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 median home price in Herod is $85,674, with property tax bills ranging significantly. For example, the 25th percentile tax bill is $888, while the 75th percentile tax bill reaches $2,249. The highest median tax bill is $1,414 in the 62947 zip code. Being aware of these valuation processes in Herod helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Herod Assessed Value
$85,674
Average Pope County Assessed Value
$84,555
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Herod, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62947 | $39,944 | $64,266 | $85,674 | $135,909 | $205,319 |
Source: Ownwell
Property Tax Bills Across Herod, Illinois
In Herod, IL, located in Pope County, property tax bills are calculated based on the assessed value of the home, which is determined by local assessors. This assessed value is a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors influence the assessed value, including the property's size, location, and condition. Homeowners in Herod can expect a range of property tax bills. For instance, the 25th percentile tax bill is approximately $888, while the 75th percentile tax bill reaches around $2,249. At the higher end, the 90th percentile tax bill can be as much as $3,345. The median home price in Herod is $85,674, which is relatively affordable compared to national standards. These property tax bills can significantly impact homeowners, affecting their monthly expenses and overall financial planning. Understanding how these taxes are calculated helps homeowners anticipate their costs and budget accordingly.
Average Herod Tax Bill
$1,414
Average Pope County Tax Bill
$1,262
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Herod, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62947 | $484 | $888 | $1,414 | $2,249 | $3,345 |
Source: Ownwell