Newark, Grundy County, Illinois Property Taxes
Median Newark, IL effective property tax rate: 2.93%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%. Median Newark, IL home value: $196,380. Median annual Newark, IL tax bill: $6,104, $3,704 higher than the national median property tax bill of $2,400.
How are property taxes in Grundy County calculated?
Property taxes in Newark, 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 Newark’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Newark, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Newark, Grundy County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.93%
Estimate Property Tax Bill
$5,754
$5,339
Property Tax Rates Across Newark, Grundy County, Illinois
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 Newark Tax Rate
2.93%
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 Grundy County Tax Rate
2.61%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Newark, Grundy County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60541 | 2.55% | 2.89% | 2.93% | 3.02% | 3.13% |
Source: Ownwell
Property Tax Assessment Values Across Newark, Grundy County, Illinois
When examining property taxes in Newark, 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 Grundy 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 Grundy 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 Newark. For example, the median home price in Newark is $196,380, with tax bills ranging significantly across the county. Zip code 60541 has the highest median home price at $196,380.
Property Tax Assessment Values Across Newark, Grundy County, Illinois
Source: Ownwell
$52,952
$138,277
$223,602
Median Newark Market Value
$196,380
Median Grundy County Market Value
$145,632
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Newark, Grundy County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60541 | $93,103 | $141,903 | $196,380 | $343,326 | $399,088 |
Source: Ownwell
Property Tax Bills Across Newark, Grundy County, Illinois
In Newark, located in Grundy County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the property's market value. Homeowners in Newark face a median tax bill of $6,104, which is significantly higher than the national median property tax bill of $2,400. Factors influencing the tax bill include the property’s assessed value and the local tax rate set by taxing authorities. This can place a considerable financial burden on homeowners, impacting their overall expenses.
Ownwell assists homeowners in Newark by offering property tax appeal and exemption services. By analyzing property assessments and identifying discrepancies, Ownwell helps clients potentially lower their tax liabilities. This can lead to substantial savings, making property ownership more affordable. With expertise in local tax regulations and a commitment to client satisfaction, Ownwell ensures homeowners are not overpaying on their property taxes, providing peace of mind and financial relief.
Median Newark Tax Bill
$6,104
Median Grundy County Tax Bill
$3,869
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Newark, Grundy County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60541 | $2,783 | $4,121 | $6,104 | $10,110 | $11,679 |
Source: Ownwell