New Lenox, Illinois Property Taxes
The median property tax rate in New Lenox, IL is 2.70%, 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 Lenox at $314,547, the typical annual property tax bill reaches $8,408, exceeding the national median of $2,690. Property taxes in New Lenox 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 Lenox'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 Lenox 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 Lenox, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.7%
Estimate Property Tax Bill
$8,493
$7,881
Ownwell’s New Lenox Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Lenox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Lenox 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 Lenox, Illinois
Property taxes in New Lenox, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Lenox is 2.70%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within New Lenox set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Lenox 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 Lenox's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60451 zip code has the highest median property tax rate of 2.70%, while the same 60451 zip code also has the lowest median tax rate of 2.70%. Understanding how these cities compare with New Lenox provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Lenox Tax Rate
2.70%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Lenox, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60451 | 2.47% | 2.59% | 2.70% | 2.75% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across New Lenox, Illinois
In New Lenox, 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 local 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 Lenox, 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. The median home price in New Lenox is $314,547, with tax bills ranging from $6,295 at the 25th percentile to $11,993 at the 90th percentile. Interestingly, the zip code 60451 has both the highest and lowest median tax bill at $8,408. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Lenox Assessed Value
$314,547
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Lenox, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60451 | $186,699 | $247,518 | $314,547 | $384,087 | $437,958 |
Source: Ownwell
Property Tax Bills Across New Lenox, Illinois
In New Lenox, located in Will County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, the median home price in this area is $314,547. Property taxes are then determined by applying the local tax rate to this assessed value. The tax rate can vary, but for comparison, the national median property tax rate is 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Homeowners in New Lenox can expect their tax bills to fall within a range, with the 25th percentile at $6,295 and the 75th percentile at $10,451. At the higher end, the 90th percentile tax bill reaches $11,993. The highest and lowest median tax bills in New Lenox are both recorded at $8,408, indicating a consistent tax rate across the area. These property taxes significantly impact homeowners, affecting their annual budgets and overall cost of homeownership.
Average New Lenox Tax Bill
$8,408
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Lenox, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60451 | $4,598 | $6,295 | $8,408 | $10,451 | $11,993 |
Source: Ownwell