Ohlman, Illinois Property Taxes
The median property tax rate in Ohlman, IL is 2.68%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ohlman at $173,782, the typical annual property tax bill reaches $4,384, exceeding the national median of $2,690. Property taxes in Ohlman 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 Ohlman'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 Ohlman or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ohlman, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$4,657
$4,551
Ownwell’s Ohlman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ohlman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ohlman 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 Ohlman, Illinois
Property taxes in Ohlman, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ohlman is 2.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ohlman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ohlman 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 Ohlman's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62076 zip code has the highest median property tax rate of 2.68%, while the same 62076 zip code also has the lowest median tax rate of 2.68%. Understanding how these cities compare with Ohlman provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ohlman Tax Rate
2.68%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ohlman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62076 | 2.21% | 2.47% | 2.68% | 2.81% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Ohlman, Illinois
In Ohlman, 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 Montgomery 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. In Ohlman, 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. For instance, the median home price in Ohlman is $173,782, with tax bills ranging significantly. The 25th percentile tax bill is $2,984, while the 75th percentile tax bill is $5,592, and the 90th percentile tax bill reaches $6,249. Notably, the zip code 62076 has both the highest and lowest median tax bills at $4,384. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ohlman Assessed Value
$173,782
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ohlman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62076 | $87,124 | $142,684 | $173,782 | $191,550 | $223,113 |
Source: Ownwell
Property Tax Bills Across Ohlman, Illinois
In Ohlman, located in Montgomery County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For instance, if the median home price in Ohlman is $173,782, the assessed value would be a fraction of this amount. The tax rate is then applied to the assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Ohlman, the 25th percentile tax bill is around $2,984, while the 75th percentile reaches $5,592. The highest median tax bill is recorded at $4,384, which is considerably higher than the national median property tax rate of 0.99%. These property taxes significantly impact homeowners by contributing to local revenue used for public services, such as schools, infrastructure, and emergency services.
Average Ohlman Tax Bill
$4,384
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ohlman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62076 | $1,980 | $2,984 | $4,384 | $5,592 | $6,249 |
Source: Ownwell