Neoga, Illinois Property Taxes
The median property tax rate in Neoga, IL is 1.83%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Neoga at $117,968, the typical annual property tax bill reaches $2,104, slightly below the national median of $2,690. Property taxes in Neoga 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 Neoga'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 Neoga 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
Neoga, 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 Neoga Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Neoga with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Neoga 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 Neoga, Illinois
Property taxes in Neoga, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Neoga is 1.83%, significantly higher than the U.S. national median of 0.99%. Local government entities within Neoga set these rates annually, and they can vary significantly across different neighborhoods. Each year, Neoga 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 Neoga's effective property tax rate to other areas in Cumberland County and the national median. For comparison, the 62447 zip code has the highest median property tax rate of 1.83%, while the same zip code also has the lowest median tax rate of 1.83%. Understanding how these areas compare with Neoga provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Neoga Tax Rate
1.83%
Average Cumberland County Tax Rate
1.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Neoga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62447 | 1.29% | 1.63% | 1.83% | 2.00% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Neoga, Illinois
In Neoga, 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 Cumberland 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 Neoga, 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 Neoga helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 62447 has the highest and lowest median tax bill at $2,104.
Average Neoga Assessed Value
$117,968
Average Cumberland County Assessed Value
$107,319
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Neoga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62447 | $20,608 | $45,276 | $117,968 | $181,689 | $246,833 |
Source: Ownwell
Property Tax Bills Across Neoga, Illinois
In Neoga, Cumberland County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For instance, if the median home price in Neoga is $117,968, the assessed value would be a fraction of this amount, depending on local assessment rates. Once the assessed value is determined, local tax rates are applied. These rates are influenced by the needs of the local government, schools, and other public services. Neoga's property tax rate can lead to varying tax bills, with the 25th percentile at $1,080 and the 75th percentile at $3,475. The highest median tax bill in the area is $2,104, found in the 62447 zip code. These tax bills significantly impact homeowners, as higher assessed values and tax rates result in higher annual payments. Understanding these factors is crucial for homeowners to anticipate their financial obligations and manage their budgets effectively.
Average Neoga Tax Bill
$2,104
Average Cumberland County Tax Bill
$1,976
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Neoga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62447 | $508 | $1,080 | $2,104 | $3,475 | $4,607 |
Source: Ownwell