Nebo, Illinois Property Taxes
The median property tax rate in Nebo, Illinois is 1.79%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Nebo at $52,560, the typical annual property tax bill reaches $834, which is below the national median of $2,690. Property taxes in Nebo 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 Nebo'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 Nebo or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nebo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.79%
Estimate Property Tax Bill
$941
$919
Ownwell’s NEBO Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in NEBO with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in NEBO to estimate your property tax bill. This valuable tool provides clarity on potential tax liabilities. For those interested in more localized trends, further information is available below. Your property’s assessed value is determined by Pike County for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Nebo, Illinois
Property taxes in Nebo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nebo is 1.79%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Nebo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nebo 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 Nebo's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62355 zip code has the highest median property tax rate of 1.79%, while the same zip code also has the lowest median tax rate of 1.79%. Understanding how these cities compare with Nebo provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nebo Tax Rate
1.79%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nebo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62355 | 0.66% | 1.24% | 1.79% | 2.15% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across Nebo, Illinois
In Nebo, 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 Pike 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. In Nebo, 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 Nebo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62355, with a median of $834, which is also the lowest median tax bill in the area.
Average Nebo Assessed Value
$52,560
Average Pike County Assessed Value
$72,180
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nebo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62355 | $19,002 | $30,960 | $52,560 | $95,880 | $149,142 |
Source: Ownwell
Property Tax Bills Across Nebo, Illinois
In NEBO, IL, property tax bills are calculated based on the assessed value of a property and the local tax rate set by Pike County. The assessed value is typically a percentage of the property's market value. For instance, if a home's market value is $52,560, the assessed value would be a fraction of this amount, determined by local assessment rules. This assessed value is then multiplied by the local tax rate to determine the tax bill. Several factors influence the tax bill, including the property's location within Pike County, local government budgets, and specific levies for services such as schools and public safety. Homeowners in NEBO can expect a wide range of tax bills, with the 25th percentile at $396 and the 75th percentile reaching $2,003. At the 90th percentile, tax bills can go up to $3,074. These taxes fund essential community services but can significantly impact household finances, especially when compared to the national median property tax rate of 0.99%.
Average Nebo Tax Bill
$834
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Nebo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62355 | $203 | $396 | $834 | $2,003 | $3,074 |
Source: Ownwell