Hammond, Illinois Property Taxes
The median property tax rate in Hammond, IL is 2.22%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hammond, the typical annual property tax bill reaches $4,133, exceeding the national median of $2,690. Property taxes in Hammond 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 Hammond'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 Hammond 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
Hammond, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$3,198
$2,968
Ownwell’s Hammond Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hammond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hammond to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed decisions. 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 Hammond, Illinois
Property taxes in Hammond, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hammond is 2.22%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hammond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hammond 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 Hammond's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61929 has the highest median property tax rate of 2.22%, while the same zip code also has the lowest median tax rate of 2.22%. Understanding how these cities compare with Hammond provides valuable insights into the varying tax landscape across Moultrie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hammond Tax Rate
2.22%
Average Moultrie County Tax Rate
2.15%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hammond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61929 | 1.92% | 2.08% | 2.22% | 3.86% | 8.01% |
Source: Ownwell
Property Tax Assessment Values Across Hammond, Illinois
In Hammond, 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 Moultrie 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 Hammond, 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 Hammond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hammond is $144,064, with tax bills ranging from $3,377 at the 25th percentile to $8,542 at the 90th percentile. The zip code 61929 has both the highest and lowest median tax bill, valued at $4,133.
Average Hammond Assessed Value
$144,064
Average Moultrie County Assessed Value
$97,648
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hammond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61929 | $76,943 | $119,916 | $144,064 | $168,207 | $217,910 |
Source: Ownwell
Property Tax Bills Across Hammond, Illinois
In Hammond, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors influence the assessed value, including the home's location, size, and condition, as well as recent sales of comparable properties in the area. For homeowners in Hammond, the median home price is $144,064. Property tax bills can significantly vary, with the 25th percentile at $3,377 and the 75th percentile at $5,261. At the 90th percentile, homeowners might face tax bills as high as $8,542. These figures highlight the considerable range in property tax obligations within the city. Compared to the national median property tax rate of 0.99%, homeowners in Hammond experience a diverse range of tax burdens, affecting their overall housing costs and financial planning. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Hammond Tax Bill
$4,133
Average Moultrie County Tax Bill
$2,121
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hammond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61929 | $2,633 | $3,377 | $4,133 | $5,261 | $8,542 |
Source: Ownwell