Oblong, Illinois Property Taxes
The median property tax rate in Oblong, IL is 2.24%, 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 at $98,973, the typical annual property tax bill reaches $2,093, which is below the national median of $2,690. Property taxes in Oblong 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 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 Crawford County, 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
$1,500,000
$3,000,000
Average Tax Rate
2.24%
Estimate Property Tax Bill
$2,217
$2,057
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oblong is 2.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Oblong set these rates annually, and they can vary significantly 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 areas in Illinois and the national median. For comparison, the zip code 62449 has both the highest and lowest median property tax rate of 2.24%. Understanding how these areas compare with Oblong provides valuable insights into the varying tax landscape across Crawford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oblong Tax Rate
2.24%
Average Crawford County Tax Rate
2.38%
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 | 1.21% | 1.90% | 2.24% | 2.65% | 3.19% |
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 Crawford County Assessor 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. 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 zip code 62449 has the highest median tax bill at $2,093, while the same zip code also has the lowest median tax bill at $2,093. Being aware of these valuation processes in Oblong helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oblong Assessed Value
$98,973
Average Crawford County Assessed Value
$84,633
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 | $28,041 | $52,095 | $98,973 | $163,784 | $224,164 |
Source: Ownwell
Property Tax Bills Across Oblong, Illinois
In Oblong, located in Crawford County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local assessment office determines this value, and then a tax rate, set by various taxing authorities, is applied. For example, with a median home price of $98,973, homeowners can expect their tax bills to vary widely. The 25th percentile tax bill is around $1,112, while the 75th percentile reaches $3,974, and the 90th percentile can be as high as $5,615. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, homeowners in Oblong may experience different tax burdens, which can significantly affect their annual expenses and overall financial planning.
Average Oblong Tax Bill
$2,093
Average Crawford County Tax Bill
$1,940
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 | $569 | $1,112 | $2,093 | $3,974 | $5,615 |
Source: Ownwell