Neoga, Illinois Property Taxes
The median property tax rate in Neoga, IL is 2.04%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Neoga at $96,198, the typical annual property tax bill reaches $1,980, which is below the national median of $2,690. Property taxes in Neoga are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Neoga'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 Neoga 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
Neoga, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$1,962
$1,821
Ownwell’s Neoga Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Neoga with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Neoga 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 Neoga, Illinois
Property taxes in Neoga, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Neoga is 2.04%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Neoga set these rates annually, and they can vary significantly across different neighborhoods. Each year, Neoga 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 Neoga's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62447 zip code has the highest median property tax rate of 2.04%, while the same zip code also has the lowest median tax rate of 2.04%. Understanding how these cities compare with Neoga provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Neoga Tax Rate
2.04%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Neoga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62447 | 1.47% | 1.80% | 2.04% | 2.36% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across Neoga, Illinois
In Neoga, 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 Shelby 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. Assessment notices in Neoga 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 Neoga helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Neoga, the median home price is $96,198. The zip code with the highest median tax bill is 62447, with a tax bill of $1,980.00, while the zip code with the lowest median tax bill is also 62447, with the same amount. This indicates a uniformity in median tax bills across the region.
Average Neoga Assessed Value
$96,198
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Neoga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62447 | $9,586 | $34,191 | $96,198 | $152,830 | $201,883 |
Source: Ownwell
Property Tax Bills Across Neoga, Illinois
Property tax bills in Neoga, located in Shelby County, IL, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors, including the property's market value, location, and any applicable exemptions, play a significant role in determining the assessed value. Homeowners in Neoga can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is approximately $888, while at the 75th percentile, it rises to about $3,097. At the 90th percentile, the tax bill can reach up to $4,040. These figures highlight the range of property tax obligations that homeowners might face. Comparatively, the highest and lowest median tax bills in the zip code 62447 are both $1,980, which is significantly higher than the national median property tax rate of 0.99%. This variation in tax bills can significantly impact homeowners' financial planning and budgeting.
Average Neoga Tax Bill
$1,980
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Neoga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62447 | $254 | $888 | $1,980 | $3,097 | $4,040 |
Source: Ownwell