Hammond, Piatt County, Illinois Property Taxes
Median Hammond, IL effective property tax rate: 2.85%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Hammond, IL home value: $178,656
Median annual Hammond, IL tax bill: $5,297, $2,897 higher than the national median property tax bill of $2,400.
How are property taxes in Piatt calculated?
Property taxes in Hammond, 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 Hammond’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hammond, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Hammond, Piatt County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.85%
Estimate Property Tax Bill
$5,092
$4,725
Property Tax Rates Across Hammond, Piatt County, Illinois
Local government entities are responsible for setting tax rates, which can differ significantly across a state. The reason behind this variation is that each county annually estimates the necessary budget to provide essential services and divides this by the total value of all taxable property within its jurisdiction. This calculation determines the property tax rate. Although votes and laws play a role in setting these rates and budgets, this is the fundamental process followed each year.
For instance, in Hammond, located in Piatt County, Illinois, the effective property tax rate is 2.85%. This rate is notably higher than both the Illinois state median and the national median property tax rate of 1.02%. Consequently, residents in Hammond face a higher property tax burden compared to the national average. Such a high rate can significantly impact homeowners' financial planning and decisions. Understanding these rates and how they compare to state and national medians is crucial for property owners seeking to manage their expenses effectively.
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 Hammond Tax Rate
2.85%
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 Piatt County Tax Rate
2.43%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Hammond, Piatt County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61929 | 2.36% | 2.67% | 2.85% | 2.93% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Hammond, Piatt County, Illinois
When examining property taxes in Hammond, 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 Piatt County appraisal district 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 Piatt County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Hammond. For example, the median home price in Hammond is $178,656, with tax bills ranging significantly across the county. 61929 has the highest median home price at $178,656.
Property Tax Assessment Values Across Hammond, Piatt County, Illinois
Source: Ownwell
$123,234
$214,217
$305,199
Median Hammond Market Value
$178,656
Median Piatt County Market Value
$166,770
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Hammond, Piatt County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61929 | $50,168 | $134,384 | $178,656 | $284,265 | $424,033 |
Source: Ownwell
Property Tax Bills Across Hammond, Piatt County, Illinois
In Hammond, located in Piatt County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value determined by the local assessor. Homeowners in Hammond face a median property tax bill significantly higher than the national median of $2,400, with bills ranging from $3,567 at the 25th percentile to $11,811 at the 90th percentile. This disparity can place a substantial financial burden on homeowners, emphasizing the importance of understanding and managing property taxes effectively.
Ownwell assists homeowners in reducing their property tax bills by providing expert guidance and support throughout the appeal process. By analyzing property assessments and identifying discrepancies, Ownwell can help homeowners challenge overvaluations and secure potential tax savings. This service not only alleviates financial stress but also ensures homeowners pay a fair amount relative to their property's actual value. With Ownwell's expertise, homeowners in Hammond can navigate the complexities of property taxes with confidence.
Median Hammond Tax Bill
$5,297
Median Piatt County Tax Bill
$4,197
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Hammond, Piatt County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61929 | $1,257 | $3,567 | $5,297 | $8,553 | $11,811 |
Source: Ownwell