New Windsor, Illinois Property Taxes
The median property tax rate in New Windsor, IL is 2.43%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $173,684 in New Windsor, the typical annual property tax bill reaches $4,186, significantly exceeding the national median of $2,690. Property taxes in New Windsor 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 Windsor'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 Windsor 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 Windsor, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.43%
Estimate Property Tax Bill
$4,221
$4,124
Ownwell’s New Windsor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Windsor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Windsor 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 New Windsor, Illinois
Property taxes in New Windsor, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Windsor is 2.43%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within New Windsor set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Windsor 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 Windsor's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61465 zip code has both the highest and lowest median property tax rate of 2.43%. Understanding how these cities compare with New Windsor provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Windsor Tax Rate
2.43%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Windsor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61465 | 2.05% | 2.25% | 2.43% | 2.66% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across New Windsor, Illinois
In New Windsor, 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 Henry County Assessor 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 Windsor, 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 Windsor 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 Windsor are both $4,186, found in the 61465 zip code.
Average New Windsor Assessed Value
$173,684
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Windsor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61465 | $73,071 | $130,284 | $173,684 | $228,479 | $318,888 |
Source: Ownwell
Property Tax Bills Across New Windsor, Illinois
In New Windsor, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Local tax authorities in Henry County determine this assessed value and apply the local tax rate to calculate the tax bill. For instance, with a median home price of $173,684, homeowners can expect varying tax bills depending on their property's assessed value and specific exemptions. The tax bill can significantly impact homeowners' finances. For example, the 25th percentile tax bill is around $3,050, while the 75th percentile reaches approximately $5,029. At the higher end, the 90th percentile tax bill can be as much as $8,226. These figures illustrate the range of property tax burdens homeowners might face. Comparatively, the national median property tax rate is 0.99%, highlighting that property taxes in New Windsor can be a substantial expense. Understanding these factors helps homeowners anticipate and manage their annual property tax obligations effectively.
Average New Windsor Tax Bill
$4,186
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Windsor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61465 | $1,501 | $3,050 | $4,186 | $5,029 | $8,226 |
Source: Ownwell