Ohio, Illinois Property Taxes
The median property tax rate in Ohio, Illinois is 2.04%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ohio, the typical annual property tax bill reaches $1,506, which is below the national median of $2,690. Property taxes in Ohio are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ohio'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 Ohio or another part of Bureau County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ohio, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$1,632
$1,595
Ownwell's Ohio Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ohio to provide an estimate of your property tax bill. This user-friendly tool helps you understand your potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property's assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Ohio, Illinois
Property taxes in Ohio, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Ohio is 2.04%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ohio set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ohio 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 Ohio's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61349 zip code has the highest median property tax rate of 2.04%, while the same zip code also has the lowest median tax rate of 2.04%. Understanding how these areas compare with Ohio provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ohio Tax Rate
2.04%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ohio, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61349 | 1.06% | 1.56% | 2.04% | 2.43% | 3.02% |
Source: Ownwell
Property Tax Assessment Values Across Ohio, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ohio, 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 Bureau 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 Ohio, 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. The highest median tax bill in Bureau County is $1506 in the 61349 zip code. 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 Ohio helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ohio Assessed Value
$80,002
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ohio, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61349 | $21,972 | $46,466 | $80,002 | $100,725 | $141,586 |
Source: Ownwell
Property Tax Bills Across Ohio, Illinois
Property tax bills in Ohio, Illinois, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. In Bureau County, homeowners can expect their tax bill to be influenced by factors such as property size, location, and any improvements made to the property. The median home price in the area is $80,002, with tax bills ranging from $704 at the 25th percentile to $2,780 at the 90th percentile, reflecting the variability in property values and corresponding tax rates. Homeowners in Bureau County face a median property tax bill of $1,506, which is higher than the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing their annual housing costs, making it essential for property owners to understand their tax liabilities and explore potential exemptions or appeals to manage their expenses effectively.
Average Ohio Tax Bill
$1,506
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ohio, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61349 | $371 | $704 | $1,506 | $2,172 | $2,780 |
Source: Ownwell