Annawan, Henry County, Illinois Property Taxes
Median Annawan, IL effective property tax rate: 2.40%, significantly higher than the national median of 1.02%, but slightly higher than the Illinois state median of 2.35%.
Median Annawan, IL home value: $121,443
Median annual Annawan, IL tax bill: $2,699, $299 higher than the national median property tax bill of $2,400.
How are property taxes in Henry County calculated?
Property taxes in Annawan, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Annawan’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Annawan, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Annawan, Henry County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.4%
Estimate Property Tax Bill
$2,915
$2,705
Property Tax Rates Across Annawan, Henry County, Illinois
Local government entities in Illinois set tax rates, which can vary widely within the state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the annual process in a nutshell.
In Annawan, located in Henry County, the effective property tax rate is 2.40%. This rate is notably higher than the national median property tax rate of 1.02%. Consequently, homeowners in Annawan face property tax bills that are significantly above the national median of $2,400.
Comparing Annawan to other cities in Illinois, the property tax rate remains consistent with the highest and lowest rates found within the state, as both are at 2.40%. This uniformity reflects a broader trend in Illinois, where property tax rates are among the highest in the nation. Understanding these rates is crucial for homeowners seeking to manage their property tax liabilities effectively.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Annawan Tax Rate
2.40%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Henry County Tax Rate
2.38%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Annawan, Henry County, 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, Henry County, Illinois
When examining property taxes in Annawan, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Henry County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Henry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Annawan. For example, the median home price in Annawan is $121,443, with tax bills ranging significantly across the county. 61234 has the highest median home price at $121,443.
Property Tax Assessment Values Across Annawan, Henry County, Illinois
Source: Ownwell
$49,584
$147,291
$244,998
Median Annawan Market Value
$121,443
Median Henry County Market Value
$112,041
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Annawan, Henry County, 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, Henry County, Illinois
In Annawan, located in Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Annawan is $121,443. The property tax rate is applied to this assessed value to determine the tax bill. Factors such as changes in property value and local government budgets influence the final tax amount. Homeowners in Annawan face property tax bills ranging from the 25th percentile at $1,810 to the 90th percentile at $6,866, with a median tax bill of $2,699. This is above the national median property tax bill of $2,400, indicating a relatively higher tax burden for local homeowners.
Ownwell can assist homeowners in Annawan by identifying potential savings on their property tax bills. By reviewing assessments and filing appeals, Ownwell ensures homeowners are not overpaying. This service can lead to significant savings, providing financial relief and ensuring that property taxes are fair and equitable.
Median Annawan Tax Bill
$2,699
Median Henry County Tax Bill
$2,634
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Annawan, Henry County, 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