New Haven, Illinois Property Taxes
The median property tax rate in New Haven, IL is 1.25%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $28,064 in New Haven, the typical annual property tax bill is around $209, significantly below the national median of $2,690. Property taxes in New Haven are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Haven'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 Haven 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 Haven, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$351
$326
Ownwell’s New Haven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Haven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Haven 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 Haven, Illinois
Property taxes in New Haven, Illinois, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in New Haven is 1.25%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within New Haven set these rates annually, and they can vary across different neighborhoods. Each year, New Haven 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 Haven's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62867 has both the highest and lowest median property tax rate of 1.25%. Understanding how these cities compare with New Haven provides valuable insights into the varying tax landscape across Gallatin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Haven Tax Rate
1.25%
Average Gallatin County Tax Rate
1.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Haven, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62867 | 0.16% | 0.58% | 1.25% | 2.22% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across New Haven, Illinois
In New Haven, 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 local assessment office 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 Haven, 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 Haven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, in the zip code 62867, the median tax bill can be as high as $209, highlighting the importance of understanding and managing these valuations.
Average New Haven Assessed Value
$28,064
Average Gallatin County Assessed Value
$44,390
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Haven, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62867 | $4,168 | $9,017 | $28,064 | $59,610 | $86,714 |
Source: Ownwell
Property Tax Bills Across New Haven, Illinois
In New Haven, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is typically a percentage of the home's market value. The median home price in New Haven is $28,064. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Several factors influence the final tax bill, including property location, local government budgets, and specific levies for schools or public services. In New Haven, the tax bill can vary significantly, with the 25th percentile at $87 and the 75th percentile at $830. For higher-value properties, the 90th percentile tax bill reaches $1,516. Homeowners in New Haven experience a range of tax bills, which can affect their overall cost of living. Compared to the national median property tax rate of 0.99%, New Haven's property taxes reflect the local economic conditions and public service needs, providing a clear picture of the financial responsibilities for homeowners in this area.
Average New Haven Tax Bill
$209
Average Gallatin County Tax Bill
$496
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Haven, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62867 | $25 | $87 | $209 | $830 | $1,516 |
Source: Ownwell