New Canton, Illinois Property Taxes
The median property tax rate in New Canton, IL is 2.09%, 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 Canton, the typical annual property tax bill reaches $1,022, exceeding the national median of $2,690. Property taxes in New Canton 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 Canton'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 Canton 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 Canton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$1,129
$1,047
Ownwell’s New Canton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Canton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Canton 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 Canton, Illinois
Property taxes in New Canton, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in New Canton is 2.09%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within New Canton set these rates annually, and they can vary across different neighborhoods. Each year, New Canton 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 Canton's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62356 has the highest median property tax rate of 2.09%, while the same zip code also has the lowest median tax rate of 2.09%. Understanding how these cities compare with New Canton 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 New Canton Tax Rate
2.09%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Canton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62356 | 0.99% | 1.49% | 2.09% | 2.47% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across New Canton, Illinois
In New Canton, 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 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 Canton, 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 Canton is $54,000, with tax bills ranging from $449 at the 25th percentile to $2,920 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 62356, with a median tax bill of $1,022. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Canton Assessed Value
$54,000
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 New Canton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62356 | $13,158 | $29,370 | $54,000 | $83,115 | $137,643 |
Source: Ownwell
Property Tax Bills Across New Canton, Illinois
Property tax bills in New Canton, located in Pike County, IL, are calculated based on the assessed value of a property, which is typically a percentage of its market value. In this region, the median home price is $54,000. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, market trends, and local government budgets influence the assessed value and, consequently, the tax bill. Homeowners in New Canton can expect their property tax bills to vary significantly. For instance, those at the 25th percentile pay around $449 annually, while those at the 75th percentile see bills closer to $1,784. At the higher end, the 90th percentile tax bill reaches approximately $2,920. Compared to the national median property tax rate of 0.99%, New Canton's tax rates can impact homeowners differently, depending on the specific assessed value of their property. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average New Canton Tax Bill
$1,022
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Canton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62356 | $265 | $449 | $1,022 | $1,784 | $2,920 |
Source: Ownwell