Neponset, Illinois Property Taxes
The median property tax rate in Neponset, IL is 2.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Neponset at $57,810, the typical annual property tax bill reaches $1,184, which is below the national median of $2,690. Property taxes in Neponset 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 Neponset'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 Neponset or another part of Bureau County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Neponset, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.13%
Estimate Property Tax Bill
$1,231
$1,203
Ownwell’s Neponset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Neponset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Neponset 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 Neponset, Illinois
Property taxes in Neponset, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Neponset is 2.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Neponset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Neponset 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 Neponset's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61345 zip code has the highest median property tax rate of 2.13%, while the same zip code also has the lowest median tax rate of 2.13%. Understanding how these cities compare with Neponset provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Neponset Tax Rate
2.13%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Neponset, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61345 | 1.12% | 1.64% | 2.13% | 2.60% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Neponset, Illinois
Understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes in Neponset, Illinois. 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 Bureau 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 Neponset, 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. For instance, the median home price in Neponset is $57,810, with tax bills ranging from $594 at the 25th percentile to $3,221 at the 90th percentile. 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 Neponset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Neponset Assessed Value
$57,810
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Neponset, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61345 | $16,509 | $35,319 | $57,810 | $96,351 | $140,106 |
Source: Ownwell
Property Tax Bills Across Neponset, Illinois
In Neponset, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Neponset is $57,810. Property taxes in Bureau County are determined by local tax rates and the assessed value of the property. For example, if your home falls within the 25th percentile, your tax bill might be around $594, while homeowners in the 75th percentile could see bills close to $1,888. Those in the 90th percentile might face tax bills up to $3,221. This variation in tax bills highlights how different factors, such as property value and local tax rates, can significantly impact homeowners. The highest median tax bill in Bureau County is $1,184, which is higher than the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Neponset Tax Bill
$1,184
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Neponset, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61345 | $337 | $594 | $1,184 | $1,888 | $3,221 |
Source: Ownwell