Newton, Richland County, Illinois Property Taxes

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Newton’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Newton, located in Richland County, has a median property tax rate of 2.13%, which is notably higher than the national median of 1.02%. This places Newton among the higher property tax regions within Illinois. The consistency of the tax rate across the county highlights the uniformity in assessing property taxes in the area. Property owners in Newton should be aware of the significant difference compared to the national average, as it impacts overall property expenses. Understanding these rates and how they compare can be crucial for property owners looking to manage their property tax liabilities effectively.

In Newton, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is a percentage of the market value of the property. Homeowners in Newton face a median property tax bill of approximately $2,982, which is higher than the national median of $2,400. Factors such as location, property size, and improvements can influence the assessed value, subsequently affecting the tax bill. For example, homes in certain areas may see tax bills as high as $5,244, especially if the property is located in a desirable neighborhood or has undergone significant upgrades.

Homeowners in Newton can benefit from Ownwell's expertise in property tax appeals and exemptions. Ownwell helps ensure that property assessments are fair and accurate, potentially reducing inflated tax bills. By leveraging local knowledge and data, Ownwell can assist homeowners in identifying discrepancies in their assessments, filing appeals, and securing exemptions, ultimately leading to significant savings on property taxes.