Norris City, Illinois Property Taxes
The median property tax rate in Norris City, IL is 1.85%, 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 Norris City at $84,288, the typical annual property tax bill reaches $936, which is below the national median of $2,690. Property taxes in Norris City 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 Norris City'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 Norris City 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
Norris City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$1,559
$1,524
Ownwell’s Norris City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norris City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norris City 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 Norris City, Illinois
Property taxes in Norris City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norris City is 1.85%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Norris City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norris City 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 Norris City's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62869 has the highest median property tax rate of 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these areas compare with Norris City 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 Norris City Tax Rate
1.85%
Average Gallatin County Tax Rate
1.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norris City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62869 | 0.19% | 1.02% | 1.85% | 2.01% | 2.10% |
Source: Ownwell
Property Tax Assessment Values Across Norris City, Illinois
In Norris City, 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 Gallatin 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 Norris City, 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 Norris City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62869, standing at $936, while the lowest is also 62869, with the same value.
Average Norris City Assessed Value
$84,288
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 Norris City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62869 | $44,321 | $50,001 | $84,288 | $97,317 | $135,408 |
Source: Ownwell
Property Tax Bills Across Norris City, Illinois
In Norris City, located in Gallatin County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value typically represents a percentage of the property's market value. Various factors, including property location, size, and improvements, influence this valuation. Once the assessed value is established, local tax rates are applied to calculate the tax bill. For homeowners in Norris City, the median home price is $84,288. The property tax rate here can significantly impact annual expenses. For instance, the 25th percentile tax bill is around $540, while the 75th percentile tax bill reaches $1,881, and the 90th percentile tax bill can go up to $2,503. These figures highlight the variability in tax obligations depending on the property's assessed value and applicable tax rates. Compared to the national median property tax rate of 0.99%, Norris City's rates can lead to varying financial implications for homeowners, emphasizing the importance of understanding local tax assessments and potential exemptions.
Average Norris City Tax Bill
$936
Average Gallatin County Tax Bill
$496
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Norris City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62869 | $185 | $540 | $936 | $1,881 | $2,503 |
Source: Ownwell