Oreana, Illinois Property Taxes
The median property tax rate in Oreana, IL is 2.22%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oreana at $117,983, the typical annual property tax bill reaches $2,564, just below the national median of $2,690. Property taxes in Oreana 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 Oreana'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 Oreana or another part of Macon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oreana, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$2,619
$2,559
Ownwell’s Oreana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oreana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oreana 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 Oreana, Illinois
Property taxes in Oreana, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Oreana is 2.22%, significantly higher than the U.S. national median of 0.99%. Local government entities within Oreana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oreana 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 Oreana's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62554 has the highest median property tax rate of 2.22%, while the same zip code also has the lowest median tax rate of 2.22%. Understanding how these cities compare with Oreana provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oreana Tax Rate
2.22%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oreana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62554 | 1.57% | 1.94% | 2.22% | 2.35% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Oreana, Illinois
In Oreana, 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 Macon 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 Oreana, 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 Oreana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Oreana, the zip code 62554 has both the highest and lowest median tax bill, which is $2,564.
Average Oreana Assessed Value
$117,983
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oreana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62554 | $76,772 | $92,418 | $117,983 | $183,457 | $236,474 |
Source: Ownwell
Property Tax Bills Across Oreana, Illinois
In Oreana, located in Macon County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The tax rate, applied to this assessed value, is determined by local taxing authorities and can vary significantly. For instance, the median home price in Oreana is $117,983, which serves as a starting point for calculating property taxes. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. Homeowners in Oreana can expect their property tax bills to range widely. At the 25th percentile, the tax bill is $1,781, while at the 75th percentile, it reaches $4,022. For the top 10% of properties, tax bills can be as high as $5,525. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Oreana's rates reflect the local economic and governmental landscape.
Average Oreana Tax Bill
$2,564
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oreana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62554 | $1,170 | $1,781 | $2,564 | $4,022 | $5,525 |
Source: Ownwell