Woodhull, Knox County, Illinois Property Taxes

Name: Property Tax Bills Across Woodhull, Knox County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median WOODHULL, IL effective property tax rate: 0.27%, significantly lower than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median WOODHULL, IL home value: $2,604,393
Median annual WOODHULL, IL tax bill: $7,975, $5,575 higher than the national median property tax bill of $2,400.

How are property taxes in Knox calculated?

Property taxes in WOODHULL, 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 WOODHULL’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in WOODHULL, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Woodhull, Knox County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.27%

Estimate Property Tax Bill

$7,032

$6,525

Ownwell’s Woodhull Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Woodhull with just two data points. By entering your property's estimated assessed value, our calculator applies Woodhull’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Knox County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Woodhull, Knox County, Illinois

Local government entities set tax rates, which can vary significantly within Illinois. This variation arises because each county, like Knox County, annually estimates its budget needs to provide essential services. They then divide this budget by the total value of all taxable property within their jurisdiction, resulting in the property tax rate. Although votes and laws play a role in determining tax rates and budgets, this is essentially the annual process.

In Woodhull, located in Knox County, the effective property tax rate is 0.27%, which is considerably lower than both the Illinois median property tax rate and the national median rate of 1.02%. This offers a more affordable tax burden for residents compared to other areas. While Illinois generally has higher property tax rates, Woodhull stands out as a more economical option. This can be an attractive factor for potential homeowners and investors looking to minimize costs while still enjoying the benefits of local services. Comparing Woodhull’s rate to the national median property tax bill of $2,400 highlights the potential savings for property owners in this region.

Property Tax Rates Across Woodhull, Knox County, Illinois

Source: Ownwell

0.27%

1.39%

2.52%

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 Woodhull Taxx Rate

0.27%

Median Effective Knox County Taxx Rate

2.31%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Woodhull, Knox County, 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, Knox County, Illinois

When examining property taxes in Woodhull, IL, 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 Knox 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 Knox 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 Woodhull.

For example, the median home price in Woodhull is $2,604,393, with tax bills ranging significantly across the county. Zip code 61490 has the highest median home price at $2,604,393.

Property Tax Assessment Values Across Woodhull, Knox County, Illinois

Source: Ownwell

$41,790

$1,323,092

$2,604,393

Median Woodhull Market Value

$2,604,393

Median Knox County Market Value

$78,330

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Woodhull, Knox County, 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, Knox County, Illinois

In Woodhull, located in Knox County, IL, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The tax bill reflects the assessed value multiplied by the tax rate, which can vary based on local government budgets and school district funding needs. With the national median property tax rate at 1.02%, Woodhull homeowners experience tax bills that can range significantly. For instance, the 25th percentile tax bill is $4,869, while the 75th percentile reaches $11,779, and the 90th percentile climbs to $18,876. These figures indicate a broad spectrum of tax liabilities, impacting homeowners differently depending on their property's assessed value. Ownwell assists homeowners by offering property tax appeal and exemption services, potentially reducing their tax burden. By analyzing market conditions and comparable property assessments, Ownwell helps ensure that homeowners in Woodhull are not overpaying on their property taxes, providing peace of mind and potential savings.

Property Tax Bills Across Woodhull, Knox County, Illinois

Source: Ownwell

$748

$4,362

$7,975

Median Woodhull Tax Bill

$7,975

Median Knox County Tax Bill

$1,699

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Woodhull, Knox County, 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