Onarga, Illinois Property Taxes
The median property tax rate in Onarga, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Onarga at $148,050, the typical annual property tax bill reaches $3,536, exceeding the national median of $2,690. Property taxes in Onarga 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 Onarga'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 Onarga 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
Onarga, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$3,538
$3,284
Ownwell’s Onarga Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Onarga with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Onarga 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 Onarga, Illinois
Property taxes in Onarga, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Onarga is 2.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Onarga set these rates annually, and they can vary significantly across different neighborhoods. Each year, Onarga 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 Onarga's effective property tax rate to other areas in Ford County and the national median. For comparison, the zip code 60955 has the highest median property tax rate of 2.39%, while the same zip code also has the lowest median tax rate of 2.39%. Understanding how these cities compare with Onarga provides valuable insights into the varying tax landscape across Ford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Onarga Tax Rate
2.39%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Onarga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60955 | 2.39% | 2.39% | 2.39% | 2.39% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Onarga, Illinois
In Onarga, 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 Ford 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 Onarga, 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. Onarga's median home price stands at $148,050, with the highest and lowest median tax bills both being $3,536, particularly in the 60955 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 Onarga helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Onarga Assessed Value
$148,050
Average Ford County Assessed Value
$93,960
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Onarga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60955 | $148,050 | $148,050 | $148,050 | $148,050 | $148,050 |
Source: Ownwell
Property Tax Bills Across Onarga, Illinois
In Onarga, located in Ford County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value typically represents a percentage of the property's market value. For example, if the median home price in Onarga is $148,050, the assessor will evaluate the property to establish its taxable value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. In Onarga, the median property tax bill is consistently $3,536, which is higher than the national median property tax rate of 0.99%. This indicates that homeowners in Onarga face relatively higher property tax obligations compared to the national average. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Homeowners should be aware of these factors as they significantly contribute to the overall cost of owning property in Onarga.
Average Onarga Tax Bill
$3,536
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Onarga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60955 | $3,536 | $3,536 | $3,536 | $3,536 | $3,536 |
Source: Ownwell