Hammond, Illinois Property Taxes
The median property tax rate in Hammond, IL is 2.85%, 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 at $178,656, the typical annual property tax bill reaches $5,297, 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
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Hammond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner 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 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 Hammond, Illinois
Property taxes in Hammond, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hammond is 2.85%, significantly higher than 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 areas in Illinois and the national median. For comparison, the 61929 zip code has the highest median property tax rate of 2.85%, while the same zip code also has the lowest median tax rate of 2.85%. Understanding how these areas compare with Hammond provides valuable insights into the varying tax landscape across Piatt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hammond Tax Rate
2.85%
Average Piatt County Tax Rate
2.43%
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 | 2.36% | 2.67% | 2.85% | 2.93% | 3.06% |
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 Piatt 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 $178,656, with tax bills ranging from $3,567 at the 25th percentile to $11,811 at the 90th percentile. The highest and lowest median tax bills in the area are both recorded at $5,297 in zip code 61929.
Average Hammond Assessed Value
$178,656
Average Piatt County Assessed Value
$166,770
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 | $50,168 | $134,384 | $178,656 | $284,265 | $424,033 |
Source: Ownwell
Property Tax Bills Across Hammond, Illinois
In Hammond, IL, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the market value of the home. Various local tax rates are then applied to this assessed value to calculate the final tax bill. Homeowners in Hammond can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $3,567, while the 75th percentile tax bill is approximately $8,553, and the 90th percentile tax bill can reach up to $11,811. These figures highlight that property taxes in Hammond can be considerably higher than the national median property tax rate of 0.99%. High property tax bills can impact homeowners by increasing their monthly housing costs, potentially making homeownership less affordable. Conversely, these taxes fund essential local services such as schools, public safety, and infrastructure, contributing to the overall quality of life in the community.
Average Hammond Tax Bill
$5,297
Average Piatt County Tax Bill
$4,197
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 | $1,257 | $3,567 | $5,297 | $8,553 | $11,811 |
Source: Ownwell