Niantic, Illinois Property Taxes
The median property tax rate in Niantic, Illinois is 2.36%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Niantic, the typical annual property tax bill reaches $2,077, which is below the national median of $2,690. Property taxes in Niantic 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 Niantic'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 Niantic 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
Niantic, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.36%
Estimate Property Tax Bill
$2,204
$2,153
Ownwell’s Niantic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Niantic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Niantic 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 Niantic, Illinois
Property taxes in Niantic, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Niantic is 2.36%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Niantic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Niantic 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 Niantic's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62551 has the highest median property tax rate of 2.36%, while the same zip code also has the lowest median tax rate of 2.36%. Understanding how these areas compare with Niantic provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Niantic Tax Rate
2.36%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Niantic, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62551 | 1.61% | 2.09% | 2.36% | 2.78% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Niantic, Illinois
In Niantic, 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 Macon County Assessment 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 Niantic, 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 Niantic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Niantic is $2,077 in the 62551 zip code, which is also the lowest median tax bill. This reflects the uniformity in tax assessments within the area, making it essential for homeowners to stay informed and proactive.
Average Niantic Assessed Value
$93,378
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Niantic, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62551 | $38,387 | $65,347 | $93,378 | $123,153 | $167,759 |
Source: Ownwell
Property Tax Bills Across Niantic, Illinois
In Niantic, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The tax rate, known as the millage rate, is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the home's size, age, condition, and location. For homeowners in Niantic, the median home price is $93,378. Property tax bills can vary significantly, with the 25th percentile at $1,418 and the 75th percentile at $2,922. At the 90th percentile, homeowners may pay up to $3,912. These figures highlight the variability in property tax burdens, which can impact household budgets. Comparing this to the national median property tax rate of 0.99%, Niantic's property tax rates can be seen as relatively high, affecting affordability and long-term financial planning for residents.
Average Niantic Tax Bill
$2,077
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Niantic, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62551 | $789 | $1,418 | $2,077 | $2,922 | $3,912 |
Source: Ownwell