Herod, Illinois Property Taxes
The median property tax rate in Herod, IL is 1.39%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Herod at $37,179, the typical annual property tax bill reaches $558, which is significantly 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
1.39%
Estimate Property Tax Bill
$517
$505
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 1.39%, significantly higher than 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 areas in Hardin County and the national median. For comparison, the 62947 zip code has the highest median property tax rate of 1.39%, while the same zip code also has the lowest median tax rate of 1.39%. Understanding how these areas compare with Herod provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Herod Tax Rate
1.39%
Average Hardin County Tax Rate
1.76%
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 | 0.39% | 0.83% | 1.39% | 1.76% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Herod, Illinois
In Herod, 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 Hardin 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. For instance, the zip code with the highest median tax bill is 62947, with a median tax bill of $558. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Herod Assessed Value
$37,179
Average Hardin County Assessed Value
$33,028
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 | $6,832 | $16,635 | $37,179 | $67,534 | $104,620 |
Source: Ownwell
Property Tax Bills Across Herod, Illinois
In Herod, located in Hardin County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Herod is $37,179, and the tax rate applied to this assessed value determines the annual tax bill. Factors considered in this calculation include the local tax rate and any applicable exemptions or deductions. Homeowners in Herod can expect a range of tax bills, with the 25th percentile at $167 and the 75th percentile at $1,023. For those at the 90th percentile, the tax bill can reach up to $1,429. The highest median tax bill recorded in the area is $558, which is consistent across the zip code 62947. These property taxes contribute to local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Herod's tax rates reflect the local economic conditions and property values.
Average Herod Tax Bill
$558
Average Hardin County Tax Bill
$437
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 | $63 | $167 | $558 | $1,023 | $1,429 |
Source: Ownwell