Woodhull, Illinois Property Taxes
The median property tax rate in Woodhull, IL is 2.34%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Woodhull at $106,800, the typical annual property tax bill reaches $2,340, which is close to the national median of $2,690. Property taxes in Woodhull 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 Woodhull'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 Woodhull 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
Woodhull, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$2,499
$2,442
Ownwell’s Woodhull Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Woodhull with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Woodhull to estimate your property tax bill. This valuable tool provides insight into potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Woodhull, Illinois
Property taxes in Woodhull, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodhull is 2.34%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Woodhull set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodhull 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 Woodhull's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61490 zip code has the highest median property tax rate of 2.34%, while the same zip code also has the lowest median tax rate of 2.34%. Understanding how these cities compare with Woodhull 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 Woodhull Tax Rate
2.34%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodhull, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61490 | 1.52% | 2.07% | 2.34% | 2.63% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Woodhull, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woodhull, Illinois. 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 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 Woodhull, 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 highest median tax bill in Woodhull is $2340 in the zip code 61490, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Woodhull Assessed Value
$106,800
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 Woodhull, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61490 | $42,302 | $74,394 | $106,800 | $151,005 | $207,290 |
Source: Ownwell
Property Tax Bills Across Woodhull, Illinois
In Woodhull, located in Henry County, IL, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Woodhull is $106,800, which serves as a baseline for these calculations. Homeowners can expect their tax bills to vary significantly based on the assessed value of their property and the specific tax rates set by local authorities. For instance, the 25th percentile tax bill in Woodhull is $1,495, indicating that lower-valued properties incur less tax. Conversely, the 75th percentile tax bill reaches $3,542, with the 90th percentile peaking at $5,206, reflecting higher taxes on more valuable properties. These figures show a broad range, highlighting how property value significantly influences tax obligations. Compared to the national median property tax rate of 0.99%, Woodhull residents may experience different financial impacts based on their property's assessed value. Understanding these factors is crucial for homeowners as it directly affects their annual financial planning and long-term investment in their property.
Average Woodhull Tax Bill
$2,340
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodhull, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61490 | $755 | $1,495 | $2,340 | $3,542 | $5,206 |
Source: Ownwell