North Henderson, Illinois Property Taxes
The median property tax rate in North Henderson, IL is 2.40%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in North Henderson, the typical annual property tax bill reaches $4,552, exceeding the national median of $2,690. Property taxes in North Henderson 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 North Henderson'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 North Henderson or another part of Mercer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Henderson, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.4%
Estimate Property Tax Bill
$4,646
$4,312
Ownwell’s North Henderson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Henderson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Henderson 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 North Henderson, Illinois
Property taxes in North Henderson, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Henderson is 2.40%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within North Henderson set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Henderson 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 North Henderson's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61466 zip code has both the highest and lowest median property tax rate of 2.40%. Understanding how these cities compare with North Henderson provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Henderson Tax Rate
2.40%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Henderson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61466 | 1.95% | 2.28% | 2.40% | 2.42% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across North Henderson, Illinois
In North Henderson, 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 Mercer 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 North Henderson, 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 North Henderson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in North Henderson are both $4,552, found in the 61466 zip code.
Property Tax Assessment Values Across North Henderson, Illinois
Source: Ownwell
$90,765
$199,514
$308,262
Average North Henderson Assessed Value
$193,590
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Henderson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61466 | $66,024 | $107,948 | $193,590 | $310,691 | $377,005 |
Source: Ownwell
Property Tax Bills Across North Henderson, Illinois
In North Henderson, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including the property's location, size, and condition. For homeowners in North Henderson, the median home price is $193,590. Property tax bills can vary significantly, with the 25th percentile at $2,660 and the 75th percentile at $7,201. At the higher end, the 90th percentile tax bill reaches $8,980. These tax bills can have a substantial impact on homeowners, affecting their monthly expenses and overall financial planning. Compared to the national median property tax rate of 0.99%, the property tax rate in North Henderson can be a significant consideration for current and prospective homeowners. Understanding how these taxes are calculated helps homeowners better anticipate and manage their financial obligations.
Average North Henderson Tax Bill
$4,552
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across North Henderson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61466 | $869 | $2,660 | $4,552 | $7,201 | $8,980 |
Source: Ownwell