Norris City, Illinois Property Taxes
The median property tax rate in Norris City, IL is 1.85%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Norris City at $53,384, the typical annual property tax bill reaches $968, well below the national median of $2,690. Property taxes in Norris City 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 Norris City'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 Norris City 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
Norris City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$988
$965
Ownwell’s Norris City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norris City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norris City 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 Norris City, Illinois
Property taxes in Norris City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norris City stands at 1.85%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Norris City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norris City 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 Norris City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62869 zip code has the highest median property tax rate of 1.85%, while the 62869 zip code also has the lowest median tax rate of 1.85%. Understanding how these cities compare with Norris City provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norris City Tax Rate
1.85%
Average White County Tax Rate
1.88%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norris City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62869 | 0.83% | 1.38% | 1.85% | 2.28% | 3.34% |
Source: Ownwell
Property Tax Assessment Values Across Norris City, Illinois
In Norris City, 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 White 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 Norris City, 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 Norris City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Norris City is $53,384. The median tax bill ranges from $468 at the 25th percentile to $1,648 at the 75th percentile, with the highest median tax bill being $968 in the 62869 zip code, which also has the lowest median tax bill at $968.
Average Norris City Assessed Value
$53,384
Average White County Assessed Value
$52,311
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norris City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62869 | $15,952 | $31,714 | $53,384 | $85,432 | $130,702 |
Source: Ownwell
Property Tax Bills Across Norris City, Illinois
In Norris City, property tax bills are calculated based on the assessed value of a home, which is determined by the county's property assessor. The assessed value is a percentage of the market value of the property. For example, with a median home price of $53,384, the tax bill can vary significantly. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. Homeowners in Norris City can expect property tax bills ranging from $468 at the 25th percentile to $1,648 at the 75th percentile, with the 90th percentile reaching up to $2,659. The median tax bill in the area is $968, which is relatively low compared to the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how property tax bills are determined helps homeowners budget effectively and recognize the value of services funded by their contributions.
Average Norris City Tax Bill
$968
Average White County Tax Bill
$910
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Norris City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62869 | $224 | $468 | $968 | $1,648 | $2,659 |
Source: Ownwell