New Memphis, Clinton County, Illinois Property Taxes
Median New Memphis, IL effective property tax rate: 1.90%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median New Memphis, IL home value: $104,760
Median annual New Memphis, IL tax bill: $1,736, $664 lower than the national median property tax bill of $2,400.
How are property taxes in Clinton calculated?
Property taxes in New Memphis, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding New Memphis’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Memphis, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Memphis, Clinton County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.9%
Estimate Property Tax Bill
$1,990
$1,847
Property Tax Rates Across New Memphis, Clinton County, Illinois
Local government entities in Illinois set property tax rates, which can vary significantly within the state. Each county estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In New Memphis, located in Clinton County, the effective property tax rate stands at 1.90%. This rate is notably higher than the national median property tax rate of 1.02%. When comparing New Memphis to other cities in Illinois, it becomes evident that the property tax burden is substantial. The median property tax rate in Illinois aligns with New Memphis's rate, indicating a consistent tax environment across the state. However, when contrasted with the national median property tax bill of $2,400, Illinois residents, including those in New Memphis, face a higher tax burden. Understanding these differences is crucial for property owners considering an appeal or exemption, as it highlights the potential for significant tax savings in the region.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective New Memphis Taxx Rate
1.90%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Clinton County Taxx Rate
2.02%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across New Memphis, Clinton County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62266 | 1.49% | 1.71% | 1.90% | 2.12% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across New Memphis, Clinton County, Illinois
When examining property taxes in New Memphis, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Clinton County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Clinton County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in New Memphis. For example, the median home price in New Memphis is $104,760, with tax bills ranging significantly across the county. Zip code 62266 has the highest median home price at $104,760.
Property Tax Assessment Values Across New Memphis, Clinton County, Illinois
Source: Ownwell
$37,368
$118,989
$200,610
Median New Memphis Market Value
$104,760
Median Clinton County Market Value
$140,970
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across New Memphis, Clinton County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62266 | $46,296 | $74,280 | $104,760 | $149,010 | $183,930 |
Source: Ownwell
Property Tax Bills Across New Memphis, Clinton County, Illinois
Median New Memphis Tax Bill
$1,736
Median Clinton County Tax Bill
$2,760
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across New Memphis, Clinton County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62266 | $665 | $1,271 | $1,736 | $2,706 | $3,309 |
Source: Ownwell