Hennepin, Illinois Property Taxes
The median property tax rate in Hennepin, IL is 2.25%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $125,858, the typical annual property tax bill in Hennepin reaches $2,853, exceeding the national median of $2,690. Property taxes in Hennepin 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 Hennepin'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 Hennepin 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
Hennepin, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$2,832
$2,628
Ownwell's Hennepin Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Hennepin. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Hennepin to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, including neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Hennepin, Illinois
Property taxes in Hennepin, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hennepin is 2.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hennepin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hennepin 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 Hennepin's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61327 has both the highest and lowest median property tax rate of 2.25%. Understanding how these areas compare with Hennepin provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hennepin Tax Rate
2.25%
Average Putnam County Tax Rate
2.42%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hennepin, 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, Illinois
In Hennepin, 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 local 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 Hennepin, 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 Hennepin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,853, found in the 61327 zip code, which also has the lowest median tax bill at $2,853.
Average Hennepin Assessed Value
$125,858
Average Putnam County Assessed Value
$129,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hennepin, 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, Illinois
In Hennepin, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is generally a percentage of the market value of the property, which is evaluated periodically by local assessors. Homeowners in Hennepin experience a range of tax bills, with the 25th percentile at $1,891 and the 75th percentile at $4,399. For those in the 90th percentile, tax bills can reach up to $6,117. Several factors influence these amounts, including the property's location within specific school districts or municipal boundaries, which may have different tax rates. Additionally, any exemptions for which a homeowner qualifies, such as homestead or senior exemptions, can significantly reduce the tax burden. Compared to the national median property tax rate of 0.99%, Hennepin’s rates can be relatively high, affecting homeowners by increasing the overall cost of owning property. This can impact decisions on purchasing homes and the long-term financial planning of residents.
Average Hennepin Tax Bill
$2,853
Average Putnam County Tax Bill
$3,342
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hennepin, 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