New Windsor, Illinois Property Taxes
The median property tax rate in New Windsor, IL is 2.33%, significantly 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 Windsor at $121,815, the typical annual property tax bill is around $2,713, surpassing the national median of $2,690. Property taxes in New Windsor are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as 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 Mercer County, 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
2.33%
Estimate Property Tax Bill
$2,838
$2,773
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 Mercer 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 crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Windsor is 2.33%, 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 2.33%. Understanding how these cities compare with New Windsor provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Windsor Tax Rate
2.33%
Average Mercer County Tax Rate
2.47%
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 | 1.58% | 2.03% | 2.33% | 2.52% | 2.53% |
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 Mercer 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 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. For example, the highest median tax bill in New Windsor is $2,713 in the 61465 zip code. 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.
Average New Windsor Assessed Value
$121,815
Average Mercer County Assessed Value
$156,489
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 | $26,733 | $76,704 | $121,815 | $203,526 | $302,741 |
Source: Ownwell
Property Tax Bills Across New Windsor, Illinois
In New Windsor, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by the Mercer County Assessor's office, which evaluates the market value of the property and then applies an assessment ratio. Factors such as property size, location, and improvements play a significant role in this valuation. Homeowners in New Windsor experience varying tax bills, with the 25th percentile bill at $1,469 and the 75th percentile reaching $4,312. For those in the 90th percentile, the tax bill can be as high as $6,732. The median home price in New Windsor is $121,815, and the property tax rate in Mercer County is higher than the national median of 0.99%. This higher rate can significantly impact homeowners, potentially leading to higher annual expenses. Understanding these factors can help homeowners better prepare for their property tax obligations and explore potential exemptions or appeals.
Average New Windsor Tax Bill
$2,713
Average Mercer County Tax Bill
$3,661
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 | $629 | $1,469 | $2,713 | $4,312 | $6,732 |
Source: Ownwell