New Holland, Illinois Property Taxes
The median property tax rate in New Holland, IL is 2.69%, 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 Holland at $90,486, the typical annual property tax bill reaches $2,284, which is below the national median of $2,690. Property taxes in New Holland 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 Holland'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 Holland 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 Holland, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.69%
Estimate Property Tax Bill
$2,434
$2,378
Ownwell’s New Holland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Holland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Holland 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 Holland, Illinois
Property taxes in New Holland, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Holland is 2.69%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within New Holland set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Holland 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 Holland's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62671 zip code has the highest median property tax rate of 2.69%, while the same zip code also has the lowest median tax rate of 2.69%. Understanding how these cities compare with New Holland provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Holland Tax Rate
2.69%
Average Mason County Tax Rate
2.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Holland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62671 | 2.38% | 2.46% | 2.69% | 2.74% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across New Holland, Illinois
In New Holland, 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 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. 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. For instance, the median home price in New Holland is $90,486, with tax bills ranging from $1,930 at the 25th percentile to $6,363 at the 90th percentile. The highest median tax bill of $2,284 is found in zip code 62671. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Holland Assessed Value
$90,486
Average Mason County Assessed Value
$73,888
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Holland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62671 | $63,052 | $72,430 | $90,486 | $129,457 | $236,788 |
Source: Ownwell
Property Tax Bills Across New Holland, Illinois
In New Holland, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor. Various factors such as property size, location, and improvements are considered in this assessment. Homeowners in New Holland can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,930, while the 75th percentile tax bill reaches approximately $3,480. At the higher end, the 90th percentile tax bill can soar to about $6,363. Compared to the national median property tax rate of 0.99%, New Holland's rates reflect the local economic conditions and funding needs for public services. These tax bills directly impact homeowners, influencing their monthly budgets and long-term financial planning. It's essential for homeowners to understand these factors to manage their expenses effectively.
Average New Holland Tax Bill
$2,284
Average Mason County Tax Bill
$2,133
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Holland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62671 | $1,670 | $1,930 | $2,284 | $3,480 | $6,363 |
Source: Ownwell