Hudson, Illinois Property Taxes
The median property tax rate in Hudson, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hudson, the typical annual property tax bill reaches $6,549, exceeding the national median of $2,690. Property taxes in Hudson 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 Hudson'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 Hudson 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
Hudson, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$5,843
$5,709
Ownwell’s Hudson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hudson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hudson 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 Hudson, Illinois
Property taxes in Hudson, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hudson is 2.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hudson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hudson 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 Hudson's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61748 has the highest median property tax rate of 2.39%, while the same zip code also has the lowest median tax rate of 2.39%. Understanding how these areas compare with Hudson provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hudson Tax Rate
2.39%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hudson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61748 | 2.15% | 2.30% | 2.39% | 2.44% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across Hudson, Illinois
In Hudson, 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 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 Hudson, 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. In Hudson, the highest median tax bill is $6,549 in the 61748 zip code, while the lowest median tax bill is also $6,549 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hudson Assessed Value
$244,467
Average Woodford County Assessed Value
$138,837
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hudson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61748 | $100,461 | $206,073 | $244,467 | $277,401 | $291,870 |
Source: Ownwell
Property Tax Bills Across Hudson, Illinois
In Hudson, Woodford County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is typically a percentage of the market value of the property. Homeowners in Hudson experience a range of tax bills, with the 25th percentile at $5,377 and the 75th percentile at $6,721. The 90th percentile tax bill reaches up to $7,030. Several factors influence the tax bill, including property size, location, and improvements made to the home. Additionally, local tax rates and levies set by various taxing authorities, such as school districts and municipal services, play a significant role. For homeowners, higher property taxes can impact overall affordability and monthly mortgage payments. Compared to the national median property tax rate of 0.99%, Hudson's property tax rates reflect the local government's funding needs for public services and infrastructure, making it essential for homeowners to understand their tax obligations and potential for appeals or exemptions.
Average Hudson Tax Bill
$6,549
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hudson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61748 | $4,866 | $5,377 | $6,549 | $6,721 | $7,030 |
Source: Ownwell