New Memphis, Illinois Property Taxes
The median property tax rate in New Memphis, IL is 1.90%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in New Memphis at $104,760, the typical annual property tax bill reaches $1,736, which is below the national median of $2,690. Property taxes in New Memphis 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 New Memphis'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 New Memphis 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
New Memphis, 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 New Memphis Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in New Memphis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Memphis 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 New Memphis, Illinois
Property taxes in New Memphis, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Memphis is 1.90%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within New Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Memphis 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 New Memphis's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62266 zip code has the highest median property tax rate of 1.90%, while the 62266 zip code also has the lowest median tax rate of 1.90%. Understanding how these cities compare with New Memphis provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Memphis Tax Rate
1.90%
Average Clinton County Tax Rate
2.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Memphis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62266 | 1.49% | 1.71% | 1.90% | 2.12% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across New Memphis, Illinois
In New Memphis, 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 local appraisal districts 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 New Memphis, 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 New Memphis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,736 in zip code 62266, while the lowest is also $1,736 in the same zip code.
Average New Memphis Assessed Value
$104,760
Average Clinton County Assessed Value
$140,970
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Memphis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62266 | $46,296 | $74,280 | $104,760 | $149,010 | $183,930 |
Source: Ownwell
Property Tax Bills Across New Memphis, Illinois
In New Memphis, located in Clinton County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. For instance, the median home price in the area is $104,760. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. The national median property tax rate is 0.99%, but local rates can vary. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. In New Memphis, the 25th percentile tax bill is $1,271, while the 75th percentile reaches $2,706, and the 90th percentile goes up to $3,309. This range highlights how different factors and assessments can significantly impact what homeowners pay. For homeowners, understanding these elements is crucial as property taxes are a significant part of annual expenses. Accurate assessments and awareness of potential exemptions can help manage and potentially reduce these costs.
Average New Memphis Tax Bill
$1,736
Average Clinton County Tax Bill
$2,760
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Memphis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62266 | $665 | $1,271 | $1,736 | $2,706 | $3,309 |
Source: Ownwell