Hull, Illinois Property Taxes
The median property tax rate in Hull, IL is 1.93%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hull at $55,680, the typical annual property tax bill reaches $1,027, exceeding the national median of $2,690. Property taxes in Hull 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 Hull'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 Hull 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
Hull, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$1,075
$1,050
Ownwell’s Hull Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hull with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hull 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 Hull, Illinois
Property taxes in Hull, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hull is 1.93%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hull set these rates annually, and they can vary across different neighborhoods. Each year, Hull 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 Hull's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62343 has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Hull provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hull Tax Rate
1.93%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hull, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62343 | 0.87% | 1.42% | 1.93% | 2.48% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Hull, Illinois
In Hull, 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 Pike 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 Hull, 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 Hull helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hull are both $1,027, found in the 62343 zip code.
Average Hull Assessed Value
$55,680
Average Pike County Assessed Value
$72,180
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hull, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62343 | $22,302 | $36,675 | $55,680 | $87,210 | $146,292 |
Source: Ownwell
Property Tax Bills Across Hull, Illinois
In Hull, located in Pike County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, if the median home price in Hull is $55,680, the assessed value is used as the basis for calculating the property tax. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median property tax rate in Hull is significantly higher than the national median of 0.99%, leading to tax bills that vary widely. Homeowners in the 25th percentile can expect to pay around $552 annually, while those in the 75th percentile may see bills as high as $1,788. At the 90th percentile, tax bills can reach up to $3,460. This variability in tax bills can significantly impact homeowners, influencing decisions on home improvements, sales, and overall financial planning. High property taxes can be a burden, but they also fund essential local services such as schools, infrastructure, and emergency services.
Average Hull Tax Bill
$1,027
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hull, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62343 | $235 | $552 | $1,027 | $1,788 | $3,460 |
Source: Ownwell