Oblong, Illinois Property Taxes
The median property tax rate in Oblong, IL is 2.27%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oblong, the typical annual property tax bill reaches $1,151, exceeding the national median of $2,690. Property taxes in Oblong are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oblong'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 Oblong or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oblong, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Oblong Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oblong with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oblong 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 Oblong, Illinois
Property taxes in Oblong, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oblong is 2.27%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oblong set these rates annually, and they can vary across different neighborhoods. Each year, Oblong 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 Oblong's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62449 has the highest median property tax rate of 2.27%, while the same zip code also has the lowest median tax rate of 2.27%. Understanding how these figures compare with Oblong provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oblong Tax Rate
2.27%
Average Clark County Tax Rate
2.09%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oblong, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62449 | 1.55% | 1.73% | 2.27% | 2.39% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Oblong, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oblong, 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 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 Oblong, 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 Oblong is $59,550, with tax bills ranging from $741 at the 25th percentile to $2,046 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oblong Assessed Value
$59,550
Average Clark County Assessed Value
$71,601
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oblong, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62449 | $26,902 | $47,318 | $59,550 | $61,166 | $74,062 |
Source: Ownwell
Property Tax Bills Across Oblong, Illinois
In Oblong, located in Clark 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 median home price in Oblong stands at $59,550. Tax rates are applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including local government budgets and the specific needs of the community. For instance, homeowners in the 25th percentile of tax bills pay around $741 annually, while those in the 75th percentile pay approximately $1,863. At the higher end, the 90th percentile sees tax bills of about $2,046. The median tax bill in the zip code 62449 is $1,151, which is higher than the national median property tax rate of 0.99%. These property taxes directly impact homeowners by funding essential public services such as schools, infrastructure, and emergency services. Therefore, understanding how these taxes are calculated can help homeowners better manage their financial planning and obligations.
Average Oblong Tax Bill
$1,151
Average Clark County Tax Bill
$1,431
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oblong, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62449 | $455 | $741 | $1,151 | $1,863 | $2,046 |
Source: Ownwell