Odin, Illinois Property Taxes
The median property tax rate in Odin, IL is 1.99%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Odin, the typical annual property tax bill reaches $464, which is significantly below the national median of $2,690. Property taxes in Odin 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 Odin'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 Odin or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Odin, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$769
-$8,062
Ownwell’s Odin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Odin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Odin 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 Odin, Illinois
Property taxes in Odin, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Odin is 1.99%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Odin set these rates annually, and they can vary across different neighborhoods. Each year, Odin 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 Odin's effective property tax rate to other areas in Illinois and the national median. For comparison, the highest and lowest median property tax rates in Odin are both 1.99%, highlighting a consistent tax landscape within the region. Understanding how these rates compare with other areas provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Odin Tax Rate
1.99%
Average Marion County Tax Rate
2.03%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Odin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62870 | 0.47% | 0.96% | 1.99% | 2.35% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Odin, Illinois
In Odin, 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 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 Odin, 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. For instance, the median home price in Odin is $38,655, with tax bills ranging from $116 at the 25th percentile to $3,728 at the 90th percentile. The highest and lowest median tax bills are both $464 in the 62870 zip code. Being aware of these valuation processes in Odin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Odin Assessed Value
$38,655
Average Marion County Assessed Value
$53,770
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Odin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62870 | $3,510 | $11,130 | $38,655 | $119,090 | $181,700 |
Source: Ownwell
Property Tax Bills Across Odin, Illinois
In Odin, located in Marion County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Various factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For Odin homeowners, the median home price is $38,655, leading to a range of property tax bills. At the 25th percentile, the tax bill is around $116, while at the 75th percentile, it rises to $2,134. Those in the 90th percentile can expect to pay approximately $3,728. Comparatively, the highest and lowest median tax bills in the area are both $464, indicating a relatively consistent tax environment within the same zip code. These property taxes significantly impact homeowners, influencing their overall cost of living and potentially affecting property values. Understanding how these taxes are calculated helps residents plan their finances more effectively.
Average Odin Tax Bill
$464
Average Marion County Tax Bill
$1,004
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Odin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62870 | $42 | $116 | $464 | $2,134 | $3,728 |
Source: Ownwell