Okawville, Illinois Property Taxes
The median property tax rate in Okawville, IL is 2.54%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Okawville, the typical annual property tax bill reaches $284, which is significantly lower than the national median of $2,690. Property taxes in Okawville 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 Okawville'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 Okawville 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
Okawville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.54%
Estimate Property Tax Bill
$284
$278
Ownwell’s Okawville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okawville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okawville 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 Okawville, Illinois
Property taxes in Okawville, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Okawville is 2.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Okawville set these rates annually, and they can vary across different neighborhoods. Each year, Okawville 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 Okawville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62271 zip code has the highest median property tax rate of 2.54%, while the same zip code also has the lowest median tax rate of 2.54%. Understanding how these areas compare with Okawville provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Okawville Tax Rate
2.54%
Average Calhoun County Tax Rate
2.36%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okawville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62271 | 2.54% | 2.54% | 2.54% | 2.54% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Okawville, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Okawville, 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 local 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 Okawville, 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. 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 Okawville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the 62271 zip code both stand at $284, reflecting the uniformity in tax assessments within this region.
Average Okawville Assessed Value
$11,184
Average Calhoun County Assessed Value
$86,121
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Okawville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62271 | $11,184 | $11,184 | $11,184 | $11,184 | $11,184 |
Source: Ownwell
Property Tax Bills Across Okawville, Illinois
In Okawville, Illinois, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. The assessed value is a percentage of the property's market value. For homeowners in Okawville, the median home price is $11,184. Property tax rates are applied to this assessed value to determine the annual tax bill. The tax bill in Okawville generally falls around $284, which is consistent across different percentiles, including the 25th, 75th, and 90th percentiles. Several factors affect the final tax bill, including local tax rates set by various taxing authorities such as school districts, municipalities, and special districts. These rates can fluctuate based on budgetary needs and voter-approved measures. For homeowners, this means that while the assessed value provides a base, the actual tax bill can vary depending on the specific tax rates applied. Compared to the national median property tax rate of 0.99%, Okawville's tax rate results in a relatively modest tax bill, offering some financial relief to its residents.
Average Okawville Tax Bill
$284
Average Calhoun County Tax Bill
$1,736
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Okawville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62271 | $284 | $284 | $284 | $284 | $284 |
Source: Ownwell