New Burnside, Illinois Property Taxes
The median property tax rate in New Burnside, IL is 2.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in New Burnside at $66,876, the typical annual property tax bill reaches $1,203, which is lower than the national median of $2,690. Property taxes in New Burnside 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 New Burnside'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 Burnside or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Burnside, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.07%
Estimate Property Tax Bill
$1,384
$1,285
Ownwell’s New Burnside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Burnside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Burnside 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 Burnside, Illinois
Property taxes in New Burnside, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in New Burnside is 2.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within New Burnside set these rates annually, and they can vary across different neighborhoods. Each year, New Burnside 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 Burnside's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62967 has the highest median property tax rate of 2.07%, while the same zip code also has the lowest median tax rate of 2.07%. Understanding how these areas compare with New Burnside provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Burnside Tax Rate
2.07%
Average Johnson County Tax Rate
2.14%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Burnside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62967 | 0.79% | 1.56% | 2.07% | 2.41% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across New Burnside, Illinois
In New Burnside, 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 Johnson County Assessor's 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 Burnside, 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. The median home price in New Burnside is $66,876, and the property tax bills can vary significantly, with the 25th percentile at $342 and the 75th percentile at $2,124. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Burnside Assessed Value
$66,876
Average Johnson County Assessed Value
$71,244
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Burnside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62967 | $13,005 | $29,839 | $66,876 | $111,396 | $162,134 |
Source: Ownwell
Property Tax Bills Across New Burnside, Illinois
In New Burnside, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the Johnson County assessor. The assessed value typically represents a percentage of the home's market value. Homeowners in New Burnside can expect their property tax rate to be influenced by various factors including local government budgets, school district funding requirements, and public service needs. For example, with a median home price of $66,876, the property tax bill can vary significantly. The 25th percentile tax bill is around $342, while the 75th percentile reaches up to $2,124. At the higher end, the 90th percentile tax bill can be as much as $3,442. This variability shows how different factors can impact individual tax bills, making it crucial for homeowners to understand their specific situation. Compared to the national median property tax rate of 0.99%, these figures can help residents of New Burnside gauge how their property taxes stack up against broader trends. Homeowners should stay informed about local tax policies to better manage their financial planning.
Average New Burnside Tax Bill
$1,203
Average Johnson County Tax Bill
$1,237
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Burnside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62967 | $141 | $342 | $1,203 | $2,124 | $3,442 |
Source: Ownwell