New Boston, Illinois Property Taxes
The median property tax rate in New Boston, IL is 2.48%, 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 Boston, the typical annual property tax bill reaches $3,308, exceeding the national median of $2,690. Property taxes in New Boston 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 Boston'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 Boston 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 Boston, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.48%
Estimate Property Tax Bill
$3,535
$3,454
Ownwell’s New Boston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Boston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Boston 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 Boston, Illinois
Property taxes in New Boston, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in New Boston is 2.48%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within New Boston set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Boston 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 Boston's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61272 zip code has the highest median property tax rate of 2.48%, while the same zip code also has the lowest median tax rate of 2.48%. Understanding how these areas compare with New Boston provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Boston Tax Rate
2.48%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Boston, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61272 | 1.92% | 2.23% | 2.48% | 2.66% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across New Boston, Illinois
In New Boston, 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 Mercer 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 New Boston, 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 New Boston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,308 in zip code 61272, while the lowest median tax bill is also $3,308 in the same zip code.
Average New Boston Assessed Value
$142,530
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Boston, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61272 | $31,363 | $65,300 | $142,530 | $220,448 | $328,089 |
Source: Ownwell
Property Tax Bills Across New Boston, Illinois
In New Boston, located in Mercer County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by local assessors. Various factors, such as property improvements, neighborhood characteristics, and market trends, influence the assessed value. The property tax rate in New Boston is influenced by the funding needs of local services such as schools, public safety, and infrastructure. Homeowners in New Boston experience a range of property tax bills, with the 25th percentile at $1,605 and the 75th percentile at $5,574. The highest median tax bill in the area is $3,308, which is significantly higher than the national median property tax rate of 0.99%. These property tax bills can have a substantial impact on homeowners, affecting their overall housing costs and financial planning. High property taxes can be a burden, especially for those on fixed incomes, while lower taxes can make homeownership more affordable and attractive.
Average New Boston Tax Bill
$3,308
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Boston, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61272 | $772 | $1,605 | $3,308 | $5,574 | $8,202 |
Source: Ownwell