Niota, Illinois Property Taxes
The median property tax rate in Niota, IL is 2.37%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Niota at $62,538, the typical annual property tax bill reaches $1,358, exceeding the national median of $2,690. Property taxes in Niota 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 Niota'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 Niota or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Niota, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.37%
Estimate Property Tax Bill
$1,482
$1,448
Ownwell’s Niota Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Niota with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Niota 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 Hancock County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Niota, Illinois
Property taxes in Niota, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Niota stands at 2.37%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Niota set these rates annually, and they can vary significantly across different neighborhoods. Each year, Niota 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 Niota's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62358 has the highest median property tax rate of 2.37%, while the same zip code also has the lowest median tax rate of 2.37%. Understanding how these areas compare with Niota provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Niota Tax Rate
2.37%
Average Hancock County Tax Rate
2.85%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Niota, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62358 | 2.22% | 2.31% | 2.37% | 2.44% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Niota, Illinois
In Niota, 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 Hancock 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 Niota, 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 Niota 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 $1358 in the 62358 zip code, while the lowest is also $1358 in the same zip code.
Average Niota Assessed Value
$62,538
Average Hancock County Assessed Value
$54,669
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Niota, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62358 | $27,225 | $37,184 | $62,538 | $81,916 | $86,482 |
Source: Ownwell
Property Tax Bills Across Niota, Illinois
In Niota, located in Hancock County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Niota is $62,538. Tax rates are applied to this assessed value to determine the final tax bill. Various factors influence the tax bill, including local government budgets, school funding needs, and public service requirements. For homeowners, the tax burden can vary significantly. For instance, the 25th percentile tax bill is $858, while the 75th percentile tax bill reaches $1,870, and the 90th percentile tax bill is $2,097. These differences highlight how property taxes can impact homeowners differently, depending on the assessed value of their property and the specific tax rates applied. Comparatively, with the national median property tax rate at 0.99%, homeowners in Niota might experience varying levels of financial impact, which can influence decisions on property investments and homeownership sustainability.
Average Niota Tax Bill
$1,358
Average Hancock County Tax Bill
$1,522
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Niota, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62358 | $629 | $858 | $1,358 | $1,870 | $2,097 |
Source: Ownwell