New Milford, Winnebago County, Illinois Property Taxes
Median New Milford, IL effective property tax rate: 2.42%, significantly higher than the national median of 1.02%, and higher than the Illinois state median of 2.33%.
Median New Milford, IL home value: $3,897
Median annual New Milford, IL tax bill: $94, $2,306 lower than the national median property tax bill of $2,400.
How are property taxes in Winnebago calculated?
Property taxes in New Milford, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding New Milford's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Milford, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Milford, Winnebago County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.42%
Estimate Property Tax Bill
$94
$88
Property Tax Rates Across New Milford, Winnebago County, Illinois
Local government entities determine property tax rates, which can significantly differ across Illinois. This variation arises because each county annually estimates its budget for essential services and divides it by the total assessed value of all taxable property within its borders, resulting in the property tax rate. While voting and legislation play roles in setting these rates and budgets, this is the crux of the annual process.
In New Milford, located in Winnebago County, property owners experience an effective property tax rate of 2.42%. This rate is notably higher than the national median property tax rate of 1.02%. Within Illinois, New Milford's rate is consistent with both the highest and lowest median tax rates in the state, which are also 2.42%. This consistency reflects a unique scenario where New Milford's rate aligns with the extremes of Illinois's property tax spectrum. Compared to the national landscape, property owners in New Milford face a significantly higher tax burden, underscoring the importance of understanding local tax dynamics when considering property investments in this area.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective New Milford Tax Rate
2.42%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Winnebago County Tax Rate
2.49%
Median Effective Illinois Tax Rate
2.33%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across New Milford, Winnebago County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61109 | 2.42% | 2.42% | 2.42% | 2.42% | 2.42% |
Source: Ownwell
Property Tax Assessment Values Across New Milford, Winnebago County, Illinois
When examining property taxes in New Milford, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Winnebago County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Winnebago County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in New Milford. For example, the median home price in New Milford is $3,897, with tax bills ranging significantly across the county. Zip code 61109 has the highest median home price at $3,897.
Property Tax Assessment Values Across New Milford, Winnebago County, Illinois
Source: Ownwell
$3,897
$148,167
$292,437
Median New Milford Market Value
$3,897
Median Winnebago County Market Value
$151,126
Median Illinois Market Value
$227,888
Median United States Market Value
$235,294
Property Tax Assessment Values Across New Milford, Winnebago County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61109 | $3,897 | $3,897 | $3,897 | $3,897 | $3,897 |
Source: Ownwell
Property Tax Bills Across New Milford, Winnebago County, Illinois
Median New Milford Tax Bill
$94
Median Winnebago County Tax Bill
$3,565
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across New Milford, Winnebago County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61109 | $94 | $94 | $94 | $94 | $94 |
Source: Ownwell