New Berlin, Illinois Property Taxes
The median property tax rate in New Berlin, IL is 2.10%, 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 Berlin, the typical annual property tax bill reaches $3,314, exceeding the national median of $2,690. Property taxes in New Berlin 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 Berlin'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 Berlin 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 Berlin, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s New Berlin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Berlin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Berlin 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 Berlin, Illinois
Property taxes in New Berlin, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Berlin is 2.10%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within New Berlin set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Berlin 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 Berlin's effective property tax rate to other areas in Illinois and the national median. For comparison, the highest median property tax rate in Sangamon County is also 2.10%, found in the 62670 zip code, while the lowest median tax rate in the county is the same. Understanding how these cities compare with New Berlin provides valuable insights into the varying tax landscape across Sangamon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Berlin Tax Rate
2.10%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Berlin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62670 | 1.59% | 1.93% | 2.10% | 2.21% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across New Berlin, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in New Berlin, Illinois. 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 Sangamon 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 Berlin, 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 Berlin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in New Berlin is $3,314 in zip code 62670, while the lowest median tax bill is also $3,314 in the same zip code.
Average New Berlin Assessed Value
$160,646
Average Sangamon County Assessed Value
$144,820
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Berlin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62670 | $60,597 | $109,024 | $160,646 | $220,316 | $308,553 |
Source: Ownwell
Property Tax Bills Across New Berlin, Illinois
In New Berlin, located in Sangamon County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The tax rate is applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including property size, location, and market conditions. Homeowners in New Berlin face varying property tax bills, with the 25th percentile at $2,035 and the 75th percentile at $4,693. For those at the 90th percentile, the tax bill can reach up to $6,627. The highest median tax bill in the area is $3,314, which is significantly above the national median property tax rate of 0.99%. These tax bills can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. Understanding how these taxes are calculated helps homeowners anticipate their annual expenses and manage their budgets effectively.
Average New Berlin Tax Bill
$3,314
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Berlin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62670 | $1,038 | $2,035 | $3,314 | $4,693 | $6,627 |
Source: Ownwell