Ozark, Illinois Property Taxes
The median property tax rate in Ozark, IL is 2.20%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ozark, the typical annual property tax bill reaches $881, which is below the national median of $2,690. Property taxes in Ozark 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 Ozark'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 Ozark 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
Ozark, 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 Ozark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ozark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ozark 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 Ozark, Illinois
Property taxes in Ozark, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ozark is 2.20%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ozark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ozark 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 Ozark's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62972 zip code has the highest median property tax rate of 2.20%, while the same zip code also has the lowest median tax rate of 2.20%. Understanding how these cities compare with Ozark provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ozark Tax Rate
2.20%
Average Johnson County Tax Rate
2.14%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ozark, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62972 | 0.82% | 1.65% | 2.20% | 2.51% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Ozark, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ozark, 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 Johnson 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. Assessment notices in Ozark 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. 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 Ozark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ozark are both $881, found in the 62972 zip code.
Average Ozark Assessed Value
$60,801
Average Johnson County Assessed Value
$71,244
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ozark, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62972 | $11,345 | $24,589 | $60,801 | $117,634 | $171,727 |
Source: Ownwell
Property Tax Bills Across Ozark, Illinois
In Ozark, located in Johnson County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate. For homeowners in Ozark, the median home price is $60,801, and the property tax rate influences the final tax bill. Several factors contribute to the determination of a property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. For example, tax bills in the 25th percentile are around $408, while those in the 75th percentile reach up to $2,127. Homeowners in the 90th percentile can see tax bills as high as $3,479. These tax bills can have significant effects on homeowners, impacting their annual budgets and financial planning. Compared to the national median property tax rate of 0.99%, the property tax rates in Ozark can vary widely, highlighting the importance of understanding local tax policies and their implications.
Average Ozark Tax Bill
$881
Average Johnson County Tax Bill
$1,237
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ozark, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62972 | $209 | $408 | $881 | $2,127 | $3,479 |
Source: Ownwell