Newark, Illinois Property Taxes
The median property tax rate in Newark, IL is 2.35%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Newark, the typical annual property tax bill reaches $5,390, far exceeding the national median of $2,690. Property taxes in Newark are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Newark'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 Newark 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
Newark, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$5,558
$5,431
Ownwell’s Newark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newark 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 Newark, Illinois
Property taxes in Newark, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newark is 2.35%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Newark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newark 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 Newark's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60541 has the highest median property tax rate of 2.35%, while the same zip code also has the lowest median tax rate of 2.35%. Understanding how these cities compare with Newark provides valuable insights into the varying tax landscape across Kendall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newark Tax Rate
2.35%
Average Kendall County Tax Rate
2.83%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newark, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60541 | 1.93% | 2.23% | 2.35% | 2.43% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Newark, Illinois
In Newark, 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 Kendall County Assessor's 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 Newark, 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 Newark 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 $5,390 in the 60541 zip code.
Average Newark Assessed Value
$236,499
Average Kendall County Assessed Value
$264,846
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newark, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60541 | $129,063 | $175,350 | $236,499 | $354,494 | $460,860 |
Source: Ownwell
Property Tax Bills Across Newark, Illinois
In Newark, Kendall County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in the area is $236,499. Once the assessed value is determined, a tax rate is applied to calculate the actual tax bill. The tax rate in Kendall County is notably higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including local government budgets, school district funding needs, and other municipal services. Homeowners in Newark can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $3,750, while the 75th percentile tax bill reaches approximately $8,043. At the higher end, the 90th percentile tax bill can be as steep as $10,908. These property taxes significantly impact homeowners, affecting their annual expenses and potentially influencing decisions about property ownership and investment in the area.
Average Newark Tax Bill
$5,390
Average Kendall County Tax Bill
$7,273
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Newark, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60541 | $2,274 | $3,750 | $5,390 | $8,043 | $10,908 |
Source: Ownwell