Woodhull, Illinois Property Taxes
The median property tax rate in Woodhull, IL is 0.27%, considerably lower than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Woodhull, the typical annual property tax bill reaches $7,975, significantly exceeding 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 the city, 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
0.27%
Estimate Property Tax Bill
$7,032
$6,871
Ownwell’s Woodhull Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodhull with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodhull 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 Woodhull, Illinois
Property taxes in Woodhull, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodhull is 1.73%, significantly higher than both the Illinois state median of 2.05% 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 highest median property tax rate in the state is found in 60043 with a rate of 2.56%, while the lowest median tax rate is in 61241 at 1.32%. 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
0.27%
Average Knox County Tax Rate
2.31%
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 | 0.13% | 0.25% | 0.27% | 1.38% | 2.77% |
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 Knox 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 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. Being aware of these valuation processes in Woodhull helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Knox County are both recorded at $7,975 in the 61490 zip code.
Average Woodhull Assessed Value
$2,604,393
Average Knox County Assessed Value
$78,330
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 | $243,480 | $524,928 | $2,604,393 | $4,235,594 | $7,148,844 |
Source: Ownwell
Property Tax Bills Across Woodhull, Illinois
In Woodhull, located in Knox County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence this calculation, including the home's location, size, and any applicable exemptions or deductions. For homeowners in Woodhull, the tax bill can vary significantly. The 25th percentile tax bill stands at $4,869, while the 75th percentile reaches $11,779, and the 90th percentile goes up to $18,876. These figures indicate a wide range in tax obligations, reflecting differences in property values and individual circumstances. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for understanding local variations. Understanding how these factors interplay can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly. With higher property values, the tax burden can be substantial, making it crucial for homeowners to stay informed and proactive about their property assessments and any potential appeals.
Average Woodhull Tax Bill
$7,975
Average Knox County Tax Bill
$1,699
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 | $931 | $4,869 | $7,975 | $11,779 | $18,876 |
Source: Ownwell