Harmon, Illinois Property Taxes
The median property tax rate in Harmon, IL is 1.77%, significantly higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $43,311, the typical annual property tax bill in Harmon reaches $769, which is below the national median of $2,690. Property taxes in Harmon are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Harmon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Harmon or another part of Whiteside County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harmon, 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 Harmon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harmon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harmon 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 Harmon, Illinois
Property taxes in Harmon, Illinois, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Harmon is 1.77%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Harmon set these rates annually, and they can vary considerably across different neighborhoods. Each year, Harmon 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 Harmon's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61042 zip code has the highest median property tax rate of 1.77%, while the same zip code also has the lowest median tax rate of 1.77%. Understanding how these cities compare with Harmon provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harmon Tax Rate
1.77%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harmon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61042 | 1.77% | 1.77% | 1.77% | 1.77% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Harmon, Illinois
In Harmon, 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 Whiteside 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 Harmon, 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 Harmon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61042 at $769, which is also the lowest median tax bill in the area.
Average Harmon Assessed Value
$43,311
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harmon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61042 | $43,311 | $43,311 | $43,311 | $43,311 | $43,311 |
Source: Ownwell
Property Tax Bills Across Harmon, Illinois
In Harmon, located in Whiteside County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners in Harmon, the median home price is $43,311. The property tax rate is applied to this assessed value to determine the annual tax bill. In this area, the tax bill consistently stands at $769, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. The consistency of the tax bill across different percentiles—25th, 75th, and 90th—all being $769, indicates a uniform tax rate application. For homeowners, this means predictable annual expenses, but it also highlights the relatively high property tax burden compared to national averages. Understanding how these factors interplay can help homeowners better manage their finances and anticipate future tax liabilities.
Average Harmon Tax Bill
$769
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Harmon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61042 | $769 | $769 | $769 | $769 | $769 |
Source: Ownwell