Nebo, Illinois Property Taxes
The median property tax rate in Nebo, Illinois is 2.51%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Nebo at $83,529, the typical annual property tax bill reaches $1,686, which is lower than the national median of $2,690. Property taxes in Nebo 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 Nebo'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 Nebo 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
Nebo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.51%
Estimate Property Tax Bill
$2,097
$2,049
Ownwell’s NEBO Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in NEBO with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in NEBO to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends at a neighborhood level, additional localized information is available. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Nebo, Illinois
Property taxes in Nebo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nebo is 2.51%, significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Nebo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nebo 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 Nebo's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62355 zip code has the highest median property tax rate of 2.51%, while the same zip code also has the lowest median tax rate of 2.51%. Understanding how these cities compare with Nebo provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nebo Tax Rate
2.51%
Average Calhoun County Tax Rate
2.36%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nebo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62355 | 1.69% | 1.98% | 2.51% | 2.53% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Nebo, Illinois
In NEBO, 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 Calhoun 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 NEBO, 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 NEBO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in NEBO is $1,686 in the 62355 zip code.
Average Nebo Assessed Value
$83,529
Average Calhoun County Assessed Value
$86,121
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nebo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62355 | $16,079 | $40,026 | $83,529 | $153,755 | $209,219 |
Source: Ownwell
Property Tax Bills Across Nebo, Illinois
In Nebo, located in Calhoun County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax bills among homeowners. For instance, the median home price in Nebo is $83,529, and property tax bills can range significantly. At the 25th percentile, tax bills are around $664, while at the 75th percentile, they can reach $3,084. For those in the 90th percentile, tax bills can be as high as $4,776. These figures indicate that homeowners in Nebo may experience a wide range of tax liabilities depending on their property's assessed value and the applicable tax rate. With the national median property tax rate at 0.99%, Nebo’s property tax landscape reflects both the local economic conditions and the specific characteristics of individual properties.
Average Nebo Tax Bill
$1,686
Average Calhoun County Tax Bill
$1,736
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Nebo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62355 | $407 | $664 | $1,686 | $3,084 | $4,776 |
Source: Ownwell