Oneida, Illinois Property Taxes
The median property tax rate in Oneida, IL is 2.14%, which is significantly higher than the national median of 0.99% but slightly below the Illinois state median of 2.35%. With a median home value of $93,660 in Oneida, the typical annual property tax bill amounts to $1,964, falling short of the national median of $2,690. Property taxes in Oneida are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oneida's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Oneida or another part of Knox County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oneida, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.14%
Estimate Property Tax Bill
$2,004
$1,959
Ownwell’s Oneida Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oneida with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oneida 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 Oneida, Illinois
Property taxes in Oneida, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oneida is 2.14%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oneida set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oneida 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 Oneida's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61467 zip code has the highest median property tax rate of 2.14%, while the same zip code also has the lowest median tax rate of 2.14%. Understanding how these areas compare with Oneida provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oneida Tax Rate
2.14%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oneida, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61467 | 0.59% | 1.67% | 2.14% | 2.43% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Oneida, Illinois
In Oneida, 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 Knox County Assessment Office 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 Oneida, 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 Oneida helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Oneida is $1964 in zip code 61467, which also has the lowest median tax bill at $1964.
Average Oneida Assessed Value
$93,660
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oneida, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61467 | $45,690 | $63,210 | $93,660 | $137,130 | $285,630 |
Source: Ownwell
Property Tax Bills Across Oneida, Illinois
In Oneida, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Oneida can expect their property tax bills to vary significantly, influenced by the home's assessed value and the applicable tax rate. For example, the median home price in Oneida is $93,660. The assessed value is then multiplied by the local tax rate to determine the tax bill. In Knox County, where Oneida is located, property tax bills show a wide range, with the 25th percentile at $1,193 and the 75th percentile at $3,156. At the higher end, the 90th percentile tax bill reaches $4,726. Comparatively, the national median property tax rate is 0.99%, placing Oneida's rates in a competitive position. These tax bills impact homeowners by influencing the overall cost of homeownership, making it essential for residents to understand how these figures are derived and what they mean for their finances.
Average Oneida Tax Bill
$1,964
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oneida, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61467 | $730 | $1,193 | $1,964 | $3,156 | $4,726 |
Source: Ownwell