Herrick, Illinois Property Taxes
The median property tax rate in Herrick, IL is 2.23%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Herrick, the typical annual property tax bill reaches $1,342, exceeding the national median of $2,690. Property taxes in Herrick 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 Herrick'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 Herrick 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
Herrick, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$1,450
$1,417
Ownwell’s Herrick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Herrick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Herrick 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 Herrick, Illinois
Property taxes in Herrick, Illinois, are essential in funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Herrick is 2.23%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Herrick set these rates annually, and they can vary considerably across different neighborhoods. Each year, Herrick 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 Herrick's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62431 has the highest median property tax rate of 2.23%, while the lowest median tax rate is also 2.23%. Understanding how these areas compare with Herrick provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Herrick Tax Rate
2.23%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Herrick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62431 | 1.12% | 1.78% | 2.23% | 2.71% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Herrick, Illinois
In Herrick, 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 Shelby 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 Herrick, 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 Herrick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Herrick is $1,342 in the 62431 zip code, while the lowest median tax bill is also $1,342 in the same zip code.
Average Herrick Assessed Value
$65,006
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Herrick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62431 | $10,774 | $30,038 | $65,006 | $123,586 | $166,091 |
Source: Ownwell
Property Tax Bills Across Herrick, Illinois
In Herrick, located in Shelby County, IL, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax amount, including property size, location, and any applicable exemptions or deductions. For homeowners, understanding how these factors interact is crucial. For instance, in Herrick, the median home price is $65,006. Property tax bills can vary significantly, with the 25th percentile tax bill at $599 and the 75th percentile reaching $2,579. At the 90th percentile, homeowners might see tax bills as high as $3,575. Comparatively, the national median property tax rate is 0.99%, and Herrick's rates can be seen as reflective of broader trends within Illinois. These tax bills can impact homeowners' financial planning, influencing decisions on home improvements, sales, and long-term investments.
Average Herrick Tax Bill
$1,342
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Herrick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62431 | $262 | $599 | $1,342 | $2,579 | $3,575 |
Source: Ownwell