Newton, Illinois Property Taxes
The median property tax rate in Newton, IL is 2.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Newton, the typical annual property tax bill reaches $2,982, exceeding the national median of $2,690. Property taxes in Newton 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 Newton'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 Newton 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
Newton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.13%
Estimate Property Tax Bill
$3,307
$3,069
Ownwell’s Newton Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers aiming to estimate their annual property taxes in Newton. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Newton to provide an accurate property tax bill estimate. This user-friendly tool offers a clear understanding of potential tax liabilities, making financial planning easier. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is essential for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Newton, Illinois
Property taxes in Newton, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Newton is 2.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Newton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newton 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 Newton's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62448 has the highest median property tax rate of 2.13%, while the same zip code also has the lowest median tax rate of 2.13%. Understanding how these areas compare with Newton provides valuable insights into the varying tax landscape across Richland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newton Tax Rate
2.13%
Average Richland County Tax Rate
1.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62448 | 1.80% | 1.94% | 2.13% | 2.23% | 2.29% |
Source: Ownwell
Property Tax Assessment Values Across Newton, Illinois
In Newton, 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 local assessment authorities 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 Newton, 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 Newton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Newton is $2,982, found in the 62448 zip code.
Average Newton Assessed Value
$155,250
Average Richland County Assessed Value
$112,318
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62448 | $66,532 | $108,894 | $155,250 | $218,907 | $242,774 |
Source: Ownwell
Property Tax Bills Across Newton, Illinois
In Newton, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the property's location, its market value, and any applicable exemptions or reductions. For homeowners in Newton, the tax bill can vary significantly. For instance, those in the 25th percentile can expect to pay around $1,972 annually, while those in the 75th percentile might see bills as high as $4,854. At the 90th percentile, tax bills can reach up to $5,244. Compared to the national median property tax rate of 0.99%, Newton's property taxes can represent a substantial financial commitment for homeowners. Understanding these factors can help residents better anticipate their annual tax obligations and plan accordingly.
Average Newton Tax Bill
$2,982
Average Richland County Tax Bill
$2,107
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Newton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62448 | $1,288 | $1,972 | $2,982 | $4,854 | $5,244 |
Source: Ownwell