New Bedford, Illinois Property Taxes
The median property tax rate in New Bedford, IL is 1.96%, considerably higher than the national median of 0.99%, but lower than the Illinois state median of 2.35%. With the median home value in New Bedford, the typical annual property tax bill reaches $514, which is significantly below the national median of $2,690. Property taxes in New Bedford 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 Bedford'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 Bedford 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 Bedford, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$891
$827
Ownwell’s New Bedford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Bedford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Bedford 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 Bedford, Illinois
Property taxes in New Bedford, 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 Bedford is 1.96%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within New Bedford set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Bedford 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 Bedford's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61346 zip code has the highest median property tax rate of 1.96%, while the 61346 zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with New Bedford provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Bedford Tax Rate
1.96%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Bedford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61346 | 0.54% | 1.05% | 1.96% | 2.62% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across New Bedford, Illinois
In New Bedford, 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 Bureau 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 Bedford, 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 Bedford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $514 in zip code 61346, while the lowest is also $514 in the same zip code, reflecting the uniformity in tax assessments.
Average New Bedford Assessed Value
$45,459
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Bedford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61346 | $8,212 | $19,017 | $45,459 | $76,548 | $92,714 |
Source: Ownwell
Property Tax Bills Across New Bedford, Illinois
In New Bedford, located in Bureau 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. For example, with a median home price of $45,459, the tax bill can vary widely depending on the specific assessment and local tax rate. Several factors influence the final tax bill, including property location, any applicable exemptions, and the specific tax rate set by local taxing authorities. In New Bedford, the 25th percentile tax bill is $269, while the 75th percentile tax bill is $1,138, and the 90th percentile tax bill reaches $1,703. Homeowners in the zip code 61346 see a median tax bill of $514, which is consistent across the area. These property tax rates can significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Comparing this to the national median property tax rate of 0.99%, it's clear that local variations can lead to substantial differences in tax obligations.
Average New Bedford Tax Bill
$514
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Bedford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61346 | $121 | $269 | $514 | $1,138 | $1,703 |
Source: Ownwell