New Haven, Illinois Property Taxes
The median property tax rate in New Haven, IL is 2.13%, considerably higher than the national median of 0.99% but slightly below the Illinois state median of 2.35%. With the median home value in New Haven at $45,530, the typical annual property tax bill reaches $505, which is significantly lower than the national median of $2,690. Property taxes in New Haven 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 Haven'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 Haven 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 Haven, 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 Haven Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in New Haven with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in New Haven to project your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by White County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across New Haven, Illinois
Property taxes in New Haven, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Haven is 2.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within New Haven set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Haven 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 Haven's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62867 zip code has the highest median property tax rate of 2.13%, while the 62867 zip code also has the lowest median tax rate of 2.13%. Understanding how these cities compare with New Haven provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Haven Tax Rate
2.13%
Average White County Tax Rate
1.88%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Haven, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62867 | 1.30% | 1.70% | 2.13% | 2.13% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across New Haven, Illinois
In New Haven, 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 White 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 New Haven, 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 Haven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in New Haven are both $505, found in the zip code 62867, highlighting the uniformity in the area’s property tax distribution.
Average New Haven Assessed Value
$45,530
Average White County Assessed Value
$52,311
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Haven, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62867 | $5,525 | $10,259 | $45,530 | $86,608 | $161,986 |
Source: Ownwell
Property Tax Bills Across New Haven, Illinois
In New Haven, situated in White County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Various factors such as property size, location, and improvements can influence this assessment. Homeowners in New Haven face property tax bills that can vary significantly. For instance, the 25th percentile tax bill stands at $191, while the 75th percentile tax bill is $1,335, and those in the 90th percentile can see bills as high as $3,492. The highest median tax bill in the area is $505, which is notably lower than the national median property tax rate of 0.99%. These property tax bills can significantly impact homeowners, influencing their overall housing costs and affordability. Understanding how these taxes are calculated and the factors involved can help homeowners better manage their financial planning and property investments.
Average New Haven Tax Bill
$505
Average White County Tax Bill
$910
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Haven, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62867 | $109 | $191 | $505 | $1,335 | $3,492 |
Source: Ownwell