Herrin, Illinois Property Taxes
The median property tax rate in Herrin, IL is 2.59%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Herrin, the typical annual property tax bill reaches $1,630, exceeding the national median of $2,690. Property taxes in Herrin 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 Herrin'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 Herrin 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
Herrin, 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 Herrin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Herrin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Herrin 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 Herrin, Illinois
Property taxes in Herrin, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Herrin is 2.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Herrin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Herrin 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 Herrin's effective property tax rate to other regions in Illinois and the national median. For comparison, the 62948 zip code has the highest median property tax rate of 2.59%, while the same zip code also reflects the lowest median tax rate of 2.59%. Understanding how these cities compare with Herrin provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Herrin Tax Rate
2.59%
Average Williamson County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Herrin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62948 | 1.38% | 2.03% | 2.59% | 2.99% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Herrin, Illinois
In Herrin, 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 Williamson County Assessment Office 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 Herrin, 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 Herrin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Herrin are both $1,630 in the 62948 zip code, which is relatively modest compared to the national median property tax rate of 0.99%.
Average Herrin Assessed Value
$69,240
Average Williamson County Assessed Value
$85,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Herrin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62948 | $25,764 | $44,798 | $69,240 | $120,562 | $187,119 |
Source: Ownwell
Property Tax Bills Across Herrin, Illinois
Property tax bills in Herrin, located in Williamson County, IL, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Herrin is $69,240. The tax rate is applied to this assessed value to determine the annual tax bill. Various factors such as the property's location, size, and condition can influence its assessed value. Homeowners in Herrin experience a range of property tax bills. The 25th percentile tax bill is $941, while the 75th percentile tax bill is $2,984. At the 90th percentile, the tax bill can reach as high as $5,047. The highest and lowest median tax bills in Herrin are both $1,630, reflecting a consistent rate within the zip code 62948. These property taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life for residents. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Herrin Tax Bill
$1,630
Average Williamson County Tax Bill
$1,802
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Herrin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62948 | $429 | $941 | $1,630 | $2,984 | $5,047 |
Source: Ownwell