Orient, Illinois Property Taxes
The median property tax rate in Orient, IL is 2.23%, which is considerably higher than the national median of 0.99% but slightly below Illinois' state median of 2.35%. With a median home value of $17,325 in Orient, the typical annual property tax bill reaches $560, significantly less than the national median of $2,690. Property taxes in Orient are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Orient's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Orient or another part of Franklin County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Orient, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$386
$359
Ownwell’s Orient Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orient with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orient 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 Orient, Illinois
Property taxes in Orient, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Orient is 2.23%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Orient set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orient 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 Orient's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62874 zip code has both the highest and lowest median property tax rate of 2.23%. Understanding how these cities compare with Orient provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Orient Tax Rate
2.23%
Average Franklin County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orient, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62874 | 2.23% | 2.23% | 2.23% | 2.23% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Orient, Illinois
In Orient, 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 Franklin 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 Orient, 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 highest median tax bill in Orient is $560 in the 62874 zip code, while the lowest median tax bill is also $560 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Orient Assessed Value
$17,325
Average Franklin County Assessed Value
$55,530
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Orient, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62874 | $2,724 | $4,860 | $17,325 | $26,460 | $35,112 |
Source: Ownwell
Property Tax Bills Across Orient, Illinois
In Orient, property tax bills are calculated based on the assessed value of a home, which is determined by the Franklin County Assessor's Office. Typically, the assessed value is a percentage of the market value of the property. For homeowners in Orient, the median home price is $17,325. The tax rate is applied to this assessed value to determine the annual property tax bill. Factors such as local government budgets, school funding, and public services influence the tax rate. In Orient, property tax bills can vary significantly. For instance, homeowners at the 25th percentile pay around $216, while those at the 75th percentile pay approximately $673. The highest median tax bill recorded in the area is $560. Understanding these factors is crucial for homeowners as property taxes directly impact their annual expenses. Compared to the national median property tax rate of 0.99%, the rates in Orient reflect the local economic conditions and funding requirements of Franklin County.
Average Orient Tax Bill
$560
Average Franklin County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Orient, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62874 | $108 | $216 | $560 | $673 | $788 |
Source: Ownwell