Neponset, Illinois Property Taxes
The median property tax rate in Neponset, IL is 2.11%, which is considerably higher than both the national median of 0.99% and Illinois' state median of 2.35%. With a median home value of $146,804, the typical annual property tax bill in Neponset reaches $3,296, far exceeding the national median of $2,690. Property taxes in Neponset are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Neponset'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 Neponset or another part of Stark County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Neponset, 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 NEPONSET Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NEPONSET with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NEPONSET 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 Neponset, Illinois
Property taxes in Neponset, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Neponset is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Neponset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Neponset 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 Neponset's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61345 has both the highest and lowest median property tax rate of 2.11%. Understanding how these areas compare with Neponset provides valuable insights into the varying tax landscape across Stark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Neponset Tax Rate
2.11%
Average Stark County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Neponset, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61345 | 1.75% | 2.02% | 2.11% | 2.25% | 2.29% |
Source: Ownwell
Property Tax Assessment Values Across Neponset, Illinois
In Neponset, 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 Stark 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 Neponset, 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 Neponset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61345, with a tax bill of $3296.
Average Neponset Assessed Value
$146,804
Average Stark County Assessed Value
$143,110
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Neponset, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61345 | $50,926 | $97,581 | $146,804 | $291,465 | $339,108 |
Source: Ownwell
Property Tax Bills Across Neponset, Illinois
In Neponset, located in Stark County, IL, property tax bills are calculated based on the assessed value of a property. The assessed value is typically a percentage of the market value, which is determined by local assessors. For homeowners in Neponset, the median home price is $146,804. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and the specific tax rate set by local taxing authorities. In Neponset, tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $1,908, while at the 75th percentile, it rises to $6,205, and at the 90th percentile, it reaches $7,188. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Neponset should be aware of these factors, as they directly impact their annual financial obligations and the value of their investment in the property.
Average Neponset Tax Bill
$3,296
Average Stark County Tax Bill
$2,919
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Neponset, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61345 | $1,101 | $1,908 | $3,296 | $6,205 | $7,188 |
Source: Ownwell