Opdyke, Illinois Property Taxes
The median property tax rate in Opdyke, IL is 1.96%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Opdyke, the typical annual property tax bill reaches $1,073, slightly below the national median of $2,690. Property taxes in Opdyke 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 Opdyke'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 Opdyke or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Opdyke, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$1,196
$1,168
Ownwell’s Opdyke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Opdyke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Opdyke 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 Opdyke, Illinois
Property taxes in Opdyke, Illinois, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Opdyke is 1.96%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Opdyke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Opdyke 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 Opdyke's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62872 zip code has the highest median property tax rate of 1.96%, while the same zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with Opdyke provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Opdyke Tax Rate
1.96%
Average Jefferson County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Opdyke, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62872 | 0.79% | 1.52% | 1.96% | 2.28% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Opdyke, Illinois
In Opdyke, 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 Jefferson 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 Opdyke, 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 Opdyke is $61,005, with tax bills ranging from $394 at the 25th percentile to $3,090 at the 90th percentile. The zip code 62872 has both the highest and lowest median tax bill, at $1,073. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, protest assessments, or apply for exemptions to effectively manage their tax burden.
Average Opdyke Assessed Value
$61,005
Average Jefferson County Assessed Value
$61,827
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Opdyke, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62872 | $11,898 | $24,660 | $61,005 | $105,441 | $149,992 |
Source: Ownwell
Property Tax Bills Across Opdyke, Illinois
In Opdyke, located in Jefferson County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Homeowners in Opdyke can expect property tax bills to vary significantly. The 25th percentile tax bill is around $394, while the 75th percentile tax bill reaches $2,063. At the higher end, the 90th percentile tax bill can be as much as $3,090. These amounts are influenced by various factors, including the property's size, location, and any applicable exemptions. With a median home price of $61,005, the property tax rate in Opdyke can significantly impact homeowners' financial planning. Compared to the national median property tax rate of 0.99%, Jefferson County's rates can provide a useful benchmark for evaluating local tax burdens. This variability in tax bills underscores the importance of understanding how local assessments and rates affect overall property taxes in Opdyke.
Average Opdyke Tax Bill
$1,073
Average Jefferson County Tax Bill
$1,229
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Opdyke, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62872 | $135 | $394 | $1,073 | $2,063 | $3,090 |
Source: Ownwell