Newman, Illinois Property Taxes
The median property tax rate in Newman, Illinois is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Newman, the typical annual property tax bill reaches $1,296, exceeding the national median of $2,690. Property taxes in Newman 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 Newman'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 Newman 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
Newman, 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 Newman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newman 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 Newman, Illinois
Property taxes in Newman, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newman is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Newman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newman 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 Newman's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61942 zip code has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these cities compare with Newman provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newman Tax Rate
2.11%
Average Douglas County Tax Rate
2.16%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61942 | 0.99% | 1.75% | 2.11% | 2.73% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Newman, Illinois
In Newman, 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 Douglas 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 Newman, 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 Newman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Newman is $66,471, with tax bills ranging from $668 at the 25th percentile to $3,298 at the 90th percentile. The highest and lowest median tax bills, both at $1,296, are found in the 61942 zip code.
Average Newman Assessed Value
$66,471
Average Douglas County Assessed Value
$101,652
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61942 | $20,157 | $41,424 | $66,471 | $100,617 | $149,012 |
Source: Ownwell
Property Tax Bills Across Newman, Illinois
In Newman, located in Douglas County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners in Newman, the median home price is $66,471. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding, and public services influence the rate, making it essential for homeowners to understand how these elements impact their tax obligations. Homeowners in Newman can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $668, while the 75th percentile tax bill reaches $2,150. At the higher end, the 90th percentile tax bill can be as much as $3,298. These variations illustrate the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Newman's property tax rates and bills reflect local economic conditions and public service needs, directly affecting homeowners' annual financial planning.
Average Newman Tax Bill
$1,296
Average Douglas County Tax Bill
$2,157
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Newman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61942 | $282 | $668 | $1,296 | $2,150 | $3,298 |
Source: Ownwell