Herscher, Illinois Property Taxes
The median property tax rate in Herscher, IL is 2.45%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Herscher at $205,200, the typical annual property tax bill reaches $5,139, exceeding the national median of $2,690. Property taxes in Herscher 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 Herscher'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 Herscher 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
Herscher, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$5,027
$4,665
Ownwell’s Herscher Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Herscher with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Herscher 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 Herscher, Illinois
Property taxes in Herscher, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Herscher is 2.45%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Herscher set these rates annually, and they can vary significantly across different neighborhoods. Each year, Herscher 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 Herscher's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60941 has both the highest and lowest median property tax rate of 2.45%. Understanding how these areas compare with Herscher provides valuable insights into the varying tax landscape across Ford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Herscher Tax Rate
2.45%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Herscher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60941 | 2.32% | 2.37% | 2.45% | 2.54% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Herscher, Illinois
In Herscher, 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 Ford 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 Herscher, 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 Herscher helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $5,139 in zip code 60941, while the lowest is also $5,139 in the same zip code.
Average Herscher Assessed Value
$205,200
Average Ford County Assessed Value
$93,960
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Herscher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60941 | $156,888 | $175,005 | $205,200 | $235,395 | $253,512 |
Source: Ownwell
Property Tax Bills Across Herscher, Illinois
In Herscher, located in Ford County, IL, property tax bills are determined based on the assessed value of the home, which is a percentage of its market value. The assessment ratio in Illinois is typically 33.33% of the market value. For instance, a home with a median market price of $205,200 would have an assessed value around $68,400. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including local government budgets, school district funding requirements, and other municipal services. In Herscher, the property tax bill ranges significantly, with the 25th percentile at $4,222 and the 75th percentile at $6,056. The highest median tax bill in the area is $5,139. Homeowners in Herscher may find their tax bills higher than the national median property tax rate of 0.99%, which can impact their overall housing costs. Understanding these factors can help homeowners anticipate and manage their annual property tax obligations.
Average Herscher Tax Bill
$5,139
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Herscher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60941 | $3,672 | $4,222 | $5,139 | $6,056 | $6,606 |
Source: Ownwell