New Douglas, Illinois Property Taxes
The median property tax rate in New Douglas, IL is 2.54%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in New Douglas, the typical annual property tax bill reaches $3,482, exceeding the national median of $2,690. Property taxes in New Douglas 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 Douglas'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 Douglas 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 Douglas, 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 Douglas Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Douglas with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Douglas 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 Douglas, Illinois
Property taxes in New Douglas, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Douglas is 2.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within New Douglas set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Douglas 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 Douglas's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62074 zip code has the highest median property tax rate of 2.54%, while the same zip code also has the lowest median tax rate of 2.54%. Understanding how these cities compare with New Douglas provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Douglas Tax Rate
2.54%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Douglas, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62074 | 2.21% | 2.46% | 2.54% | 2.71% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across New Douglas, Illinois
In New Douglas, 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 Montgomery 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 Douglas, 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 Douglas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in New Douglas is $159,330, with the 25th percentile tax bill at $2,531 and the 75th percentile tax bill at $4,752. The highest and lowest median tax bills are both $3,482 in zip code 62074.
Average New Douglas Assessed Value
$159,330
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Douglas, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62074 | $90,460 | $107,905 | $159,330 | $176,008 | $202,203 |
Source: Ownwell
Property Tax Bills Across New Douglas, Illinois
In New Douglas, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is then applied to this assessed value. For homeowners, several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. The median home price in New Douglas is $159,330, and property taxes can vary significantly. For instance, tax bills in the 25th percentile are around $2,531, while those in the 75th percentile rise to approximately $4,752. The highest tax bills, in the 90th percentile, can reach up to $5,055. These variations are influenced by differences in home values and specific local tax rates. Comparatively, the national median property tax rate is 0.99%, making it important for homeowners in New Douglas to understand how their local rates stack up. Understanding these factors is crucial for homeowners as property taxes significantly impact annual expenses and overall affordability of homeownership in New Douglas.
Average New Douglas Tax Bill
$3,482
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Douglas, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62074 | $2,501 | $2,531 | $3,482 | $4,752 | $5,055 |
Source: Ownwell