New Salem, Illinois Property Taxes
The median property tax rate in New Salem, IL is 1.86%, 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 Salem at $68,520, the typical annual property tax bill reaches $1,277, exceeding the national median of $2,690. Property taxes in New Salem 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 Salem'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 Salem 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 Salem, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.86%
Estimate Property Tax Bill
$1,274
$1,245
Ownwell’s New Salem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Salem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Salem 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 Salem, Illinois
Property taxes in New Salem, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in New Salem is 1.86%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within New Salem set these rates annually, and they can vary across different neighborhoods. Each year, New Salem 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 Salem's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62357 zip code has the highest median property tax rate of 1.86%, while the same zip code also has the lowest median tax rate of 1.86%. Understanding how these cities compare with New Salem 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 Salem Tax Rate
1.86%
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 Salem, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62357 | 0.68% | 1.27% | 1.86% | 2.23% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across New Salem, Illinois
In New Salem, 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 Salem, 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 Salem 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 62357, with a median tax bill of $1,277.
Average New Salem Assessed Value
$68,520
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 Salem, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62357 | $22,752 | $40,500 | $68,520 | $116,550 | $212,148 |
Source: Ownwell
Property Tax Bills Across New Salem, Illinois
In New Salem, located in Pike County, IL, property tax bills are calculated based on the assessed value of the property. The assessment is typically a percentage of the market value, and this assessed value is then multiplied by the local tax rate. For homeowners in New Salem, the median home price is $68,520. Property tax bills vary significantly, with the 25th percentile at $530 and the 75th percentile at $2,374. The top 10% of property tax bills reach up to $4,073. The property tax rate in this area is influenced by various factors, including local government budgets, school funding requirements, and public services. With a median tax bill of $1,277, homeowners in New Salem face property taxes that are higher than the national median property tax rate of 0.99%. These taxes can significantly impact homeowners, affecting their overall cost of living and financial planning. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations.
Average New Salem Tax Bill
$1,277
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 Salem, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62357 | $299 | $530 | $1,277 | $2,374 | $4,073 |
Source: Ownwell