Annawan, Illinois Property Taxes
The median property tax rate in Annawan, IL is 2.40%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Annawan, the typical annual property tax bill reaches $2,699, just above the national median of $2,690. Property taxes in Annawan 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 Annawan'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 Annawan or another part of Henry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Annawan, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.4%
Estimate Property Tax Bill
$2,915
$2,848
Ownwell’s Annawan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Annawan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Annawan 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 Annawan, Illinois
Property taxes in Annawan, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Annawan is 2.40%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Annawan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Annawan 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 Annawan's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61234 zip code has the highest median property tax rate of 2.40%, while the 61234 zip code also has the lowest median tax rate of 2.40%. Understanding how these cities compare with Annawan provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Annawan Tax Rate
2.40%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Annawan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61234 | 1.68% | 2.13% | 2.40% | 2.51% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Annawan, Illinois
In Annawan, 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 Henry County Assessor's Office 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 Annawan, 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 Annawan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Annawan is $121,443, with tax bills ranging from $1,810 at the 25th percentile to $6,866 at the 90th percentile. The zip code 61234 has the highest and lowest median tax bill, both at $2,699.
Average Annawan Assessed Value
$121,443
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Annawan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61234 | $57,828 | $83,877 | $121,443 | $180,708 | $276,986 |
Source: Ownwell
Property Tax Bills Across Annawan, Illinois
In Annawan, property tax bills are calculated based on the assessed value of a home, which is determined by the Henry County assessor. The assessed value typically represents a percentage of the home's market value. Once the assessed value is established, a local tax rate is applied to calculate the annual property tax bill. For example, the median home price in Annawan is $121,443. Homeowners in the 25th percentile pay around $1,810 in property taxes, while those in the 75th percentile pay approximately $4,379. The 90th percentile sees tax bills as high as $6,866. These tax bills can significantly impact homeowners, influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, the property tax rates in Annawan can be relatively high, affecting affordability. Understanding these factors can help homeowners better anticipate their annual expenses and budget accordingly.
Average Annawan Tax Bill
$2,699
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Annawan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61234 | $977 | $1,810 | $2,699 | $4,379 | $6,866 |
Source: Ownwell