Hennepin, Putnam County, Illinois Property Taxes
Median Hennepin, IL effective property tax rate: 2.25%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Hennepin, IL home value: $125,858
Median annual Hennepin, IL tax bill: $2,853, $453 higher than the national median property tax bill of $2,400.
How are property taxes in Putnam calculated?
Property taxes in Hennepin, 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 Hennepin’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hennepin, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Hennepin, Putnam County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.25%
Estimate Property Tax Bill
$2,832
$2,628
Property Tax Rates Across Hennepin, Putnam County, Illinois
Local government entities in Hennepin, IL, set property tax rates, which can vary significantly within the state. This variation is primarily because each county, including Putnam, annually estimates its budget requirements to provide essential services. The budget is then divided by the total value of all taxable property within the jurisdiction, resulting in the property tax rate. Although votes and laws play a role in setting these rates and budgets, this calculation is the fundamental annual process.
Hennepin's effective property tax rate can be compared to other cities in Illinois. The median property tax rate in Illinois is notably higher than the national median rate of 1.02%. This comparison highlights the substantial difference in property tax rates across regions. Understanding these differences is crucial for property owners seeking to manage their tax liabilities effectively. By appealing or seeking exemptions, property owners in Hennepin can potentially reduce their tax burdens, ensuring they only pay their fair share.
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 Hennepin Taxx Rate
2.25%
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 Putnam County Taxx Rate
2.42%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Hennepin, Putnam County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61327 | 1.79% | 2.12% | 2.25% | 2.41% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Hennepin, Putnam County, Illinois
When examining property taxes in Hennepin, Illinois, 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 Putnam County Assessor 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 Putnam 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 Hennepin. For example, the median home price in Hennepin is $125,858, with tax bills ranging significantly across the county. Zip code 61327 has the highest median home price at $125,858.
Property Tax Assessment Values Across Hennepin, Putnam County, Illinois
Source: Ownwell
$63,051
$113,030
$163,008
Median Hennepin Market Value
$125,858
Median Putnam County Market Value
$129,800
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Hennepin, Putnam County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61327 | $25,581 | $81,809 | $125,858 | $186,770 | $246,319 |
Source: Ownwell
Property Tax Bills Across Hennepin, Putnam County, Illinois
In Hennepin, located in Putnam County, Illinois, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the tax bill, including local government budgets, school funding, and public services. Homeowners in Hennepin face a median property tax bill of $2,853, which is higher than the national median of $2,400. This can significantly impact household budgets, especially when compared to the national median property tax rate of 1.02%.
Ownwell assists homeowners in Hennepin by providing expert property tax appeal and exemption services. By analyzing property assessments and identifying discrepancies, Ownwell helps reduce tax liabilities. Their team of professionals ensures that homeowners pay only their fair share, potentially saving them hundreds or even thousands of dollars annually. With Ownwell's support, homeowners can better manage their property tax expenses, leading to more financial stability and peace of mind.
Median Hennepin Tax Bill
$2,853
Median Putnam County Tax Bill
$3,342
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Hennepin, Putnam County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61327 | $994 | $1,891 | $2,853 | $4,399 | $6,117 |
Source: Ownwell