Otterville, Illinois Property Taxes
The median property tax rate in Otterville, Illinois is 1.94%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Otterville, the typical annual property tax bill reaches $300, which is significantly lower than the national median of $2,690. Property taxes in Otterville 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 Otterville'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 Otterville 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
Otterville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$219
$214
Ownwell’s Otterville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otterville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otterville 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 Otterville, Illinois
Property taxes in Otterville, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otterville is 1.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Otterville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otterville 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 Otterville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62052 zip code has the highest median property tax rate of 1.94%, while the same zip code also has the lowest median tax rate of 1.94%. Understanding how these cities compare with Otterville provides valuable insights into the varying tax landscape across Jersey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otterville Tax Rate
1.94%
Average Jersey County Tax Rate
2.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otterville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62052 | 0.52% | 1.24% | 1.94% | 2.66% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Otterville, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Otterville, Illinois. 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 Jersey 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 Otterville, 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 Otterville is $11,280, with tax bills ranging from $123 at the 25th percentile to $1,213 at the 90th percentile. The highest and lowest median tax bills are both $300, found in the 62052 zip code. 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 Otterville Assessed Value
$11,280
Average Jersey County Assessed Value
$130,268
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otterville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62052 | $5,646 | $7,898 | $11,280 | $27,960 | $60,654 |
Source: Ownwell
Property Tax Bills Across Otterville, Illinois
In Otterville, Jersey County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Local tax authorities determine the assessed value and then apply the local tax rate to this value to calculate the tax bill. For instance, if a home has an assessed value of $112,800 and the local tax rate is 0.99%, the tax bill would be approximately $1,115 annually. However, tax bills can vary significantly; in Otterville, the 25th percentile tax bill is $123, while the 75th percentile tax bill reaches $592. The 90th percentile sees tax bills as high as $1,213. Homeowners in Otterville should be aware that their property tax bills are influenced by various factors, including changes in property values, local tax rates, and potential exemptions. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly.
Average Otterville Tax Bill
$300
Average Jersey County Tax Bill
$2,776
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Otterville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62052 | $48 | $123 | $300 | $592 | $1,213 |
Source: Ownwell