Herod, Illinois Property Taxes
The median property tax rate in Herod, IL is 2.29%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Herod, the typical annual property tax bill reaches $604, which is significantly lower than the national median of $2,690. Property taxes in Herod 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 Herod'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 Herod 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
Herod, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.29%
Estimate Property Tax Bill
$539
$501
Ownwell’s HEROD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HEROD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HEROD 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 Herod, Illinois
Property taxes in Herod, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Herod is 2.29%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Herod set these rates annually, and they can vary significantly across different neighborhoods. Each year, Herod 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 Herod's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62947 zip code has the highest median property tax rate of 2.29%, while the same zip code also has the lowest median tax rate of 2.29%. Understanding how these cities compare with Herod provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Herod Tax Rate
2.29%
Average Saline County Tax Rate
2.49%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Herod, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62947 | 2.04% | 2.12% | 2.29% | 2.31% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across Herod, Illinois
In Herod, 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 Saline 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 Herod, 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 Herod helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Herod are both $604.00, found in the 62947 zip code.
Average Herod Assessed Value
$23,556
Average Saline County Assessed Value
$61,146
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Herod, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62947 | $7,054 | $11,257 | $23,556 | $140,683 | $252,540 |
Source: Ownwell
Property Tax Bills Across Herod, Illinois
In Herod, Saline County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For homeowners in Herod, the tax rate is applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and use. For instance, the median home price in Herod is $23,556, and property taxes can vary significantly. Homeowners at the 25th percentile pay around $258 annually, while those at the 75th percentile face a bill of approximately $2,967. At the 90th percentile, the tax bill can reach up to $5,141. These tax bills have a substantial impact on homeowners, affecting their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Herod's property tax rates and bills reflect the local economic conditions and funding needs for community services.
Average Herod Tax Bill
$604
Average Saline County Tax Bill
$1,585
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Herod, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62947 | $163 | $258 | $604 | $2,967 | $5,141 |
Source: Ownwell