New Burnside, Illinois Property Taxes
The median property tax rate in New Burnside, IL is 2.15%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in New Burnside at $88,590, the typical annual property tax bill reaches $1,908, which is below the national median of $2,690. Property taxes in New Burnside 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 Burnside'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 Burnside or another part of Williamson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Burnside, 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 Burnside Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New Burnside with minimal effort. Simply input your property's estimated assessed value, and the calculator will apply the median tax rate in New Burnside to give you an accurate estimate of your property tax bill. This tool provides clear insights into your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Remember, your property’s assessed value is determined by the county for tax purposes, considering any applicable exemptions.
Property Tax Rates Across New Burnside, Illinois
Property taxes in New Burnside, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Burnside is 2.15%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Burnside set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Burnside 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 Burnside's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62967 zip code has the highest median property tax rate of 2.15%, while the same zip code also has the lowest median tax rate of 2.15%. Understanding how these cities compare with New Burnside provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Burnside Tax Rate
2.15%
Average Williamson County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Burnside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62967 | 1.21% | 1.56% | 2.15% | 2.43% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across New Burnside, Illinois
In New Burnside, 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 Williamson County Assessor 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 Burnside, 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. For instance, the median home price in New Burnside is $88,590, with tax bills ranging from $1,293 at the 25th percentile to $4,464 at the 75th percentile. The highest and lowest median tax bill in the area is $1,908, found in the 62967 zip code. 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 Burnside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Burnside Assessed Value
$88,590
Average Williamson County Assessed Value
$85,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Burnside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62967 | $73,734 | $79,305 | $88,590 | $174,180 | $225,534 |
Source: Ownwell
Property Tax Bills Across New Burnside, Illinois
In New Burnside, Williamson County, IL, property tax bills are calculated based on the assessed value of a home, which is then multiplied by the local tax rate. The assessed value is a percentage of the home's market value, and in Illinois, this is typically 33.33%. For instance, a home with a median market price of $88,590 would have an assessed value of around $29,530. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the home's location, any applicable exemptions, and the specific rates set by local taxing authorities. In New Burnside, homeowners can expect a wide range in tax bills, with the 25th percentile at $1,293 and the 75th percentile reaching $4,464. At the 90th percentile, tax bills can be as high as $5,998. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. With a median tax bill of $1,908, New Burnside's rates are significantly higher than the national median property tax rate of 0.99%.
Average New Burnside Tax Bill
$1,908
Average Williamson County Tax Bill
$1,802
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across New Burnside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62967 | $924 | $1,293 | $1,908 | $4,464 | $5,998 |
Source: Ownwell