Norris City, Illinois Property Taxes
The median property tax rate in Norris City, IL is 1.35%, which is higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $63,423 in Norris City, the typical annual property tax bill amounts to $741, falling below the national median of $2,690. Property taxes in Norris City are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions such as 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 Hamilton County, 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
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
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 1.35%, 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 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 62869 zip code in Norris City has the highest median property tax rate of 1.35%, while the same zip code also represents the lowest median tax rate of 1.35%. Understanding how these cities compare with Norris City provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norris City Tax Rate
1.35%
Average Hamilton County Tax Rate
1.77%
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 | 0.90% | 0.95% | 1.35% | 1.84% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Norris City, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Norris City, Illinois. 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 Hamilton County Assessor 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. Assessment notices in Norris City 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 median home price in Norris City is $63,423, with the 25th percentile tax bill at $568 and the 75th percentile at $1,664. The highest and lowest median tax bills are both $741 in zip code 62869.
Average Norris City Assessed Value
$63,423
Average Hamilton County Assessed Value
$61,740
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 | $36,824 | $49,935 | $63,423 | $96,660 | $133,819 |
Source: Ownwell
Property Tax Bills Across Norris City, Illinois
In Norris City, located in Hamilton County, IL, property tax bills are determined through a combination of assessed property values and the local tax rate. The assessed value is a percentage of the market value of a home, which is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $63,423, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $568, while the 75th percentile tax bill can reach up to $1,664, and at the 90th percentile, it can go as high as $2,419. These variations are influenced by factors such as property size, location, and any applicable exemptions. The local tax rate in Norris City is higher than the national median property tax rate of 0.99%, which can place a considerable financial burden on homeowners. Understanding these factors can help property owners better anticipate their annual expenses and plan accordingly.
Average Norris City Tax Bill
$741
Average Hamilton County Tax Bill
$1,024
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 | $436 | $568 | $741 | $1,664 | $2,419 |
Source: Ownwell