New Salem, Pike County, Illinois Property Taxes
Median New Salem, IL effective property tax rate: 1.86%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median New Salem, IL home value: $68,520
Median annual New Salem, IL tax bill: $1,277, $1,123 lower than the national median property tax bill of $2,400.
How are property taxes in Pike County calculated?
Property taxes in New Salem, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding New Salem’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Salem, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Salem, Pike County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.86%
Estimate Property Tax Bill
$1,274
$1,183
Property Tax Rates Across New Salem, Pike County, Illinois
Local government entities are responsible for setting property tax rates, which can differ significantly within a state. This variation is due to the annual process where each county estimates its budgetary needs to fund essential services and divides this by the total assessed value of all taxable property in its area. This calculation determines the property tax rate. Although the process involves various votes and legal stipulations, this is the basic annual procedure.
In New Salem, situated in Pike County, Illinois, the effective property tax rate is a reflection of these local budgeting decisions. When you compare New Salem's tax rate to other cities in Illinois, you'll find that it mirrors the state's median rate, which stands at 1.86%. This is notably higher than the national median property tax rate of 1.02%, highlighting the state's higher reliance on property taxes for funding. Understanding these rates is crucial for property owners who wish to manage their tax liabilities effectively. By staying informed, residents can better navigate their financial responsibilities and potentially seek appeals or exemptions where applicable.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective New Salem Tax Rate
1.86%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Pike County Tax Rate
1.93%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across New Salem, Pike County, 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, Pike County, Illinois
When examining property taxes in New Salem, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Pike County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Pike County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in New Salem. For example, the median home price in New Salem is $68,520, with tax bills ranging significantly across the county. Zip code 62357 has the highest median home price at $68,520.
Property Tax Assessment Values Across New Salem, Pike County, Illinois
Source: Ownwell
$47,175
$66,885
$86,595
Median New Salem Market Value
$68,520
Median Pike County Market Value
$72,180
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across New Salem, Pike County, 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, Pike County, Illinois
Median New Salem Tax Bill
$1,277
Median Pike County Tax Bill
$1,317
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across New Salem, Pike County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62357 | $299 | $530 | $1,277 | $2,374 | $4,073 |
Source: Ownwell