Omaha, Gallatin County, Illinois Property Taxes
Median OMAHA, IL effective property tax rate: 1.60%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median OMAHA, IL home value: $44,190
Median annual OMAHA, IL tax bill: $466, $1,934 lower than the national median property tax bill of $2,400.
How are property taxes in Gallatin calculated?
Property taxes in OMAHA, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding OMAHA’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in OMAHA, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Omaha, Gallatin County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.6%
Estimate Property Tax Bill
$707
$656
Property Tax Rates Across Omaha, Gallatin County, Illinois
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Omaha’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
In Omaha, located in Gallatin County, the effective property tax rate is 1.60%, which is significantly higher than the national median of 1.02%. This higher rate reflects the county's budgetary needs and the value of taxable property within its jurisdiction. Despite the higher rate, it's important to consider the services funded by these taxes, which contribute to the community's quality of life. Comparing these rates to other areas in Illinois can provide insight into how Omaha's property tax rate aligns with regional trends.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Omaha Tax Rate
1.60%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Gallatin County Tax Rate
1.71%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Omaha, Gallatin County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62871 | 0.16% | 0.48% | 1.60% | 2.36% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Omaha, Gallatin County, Illinois
When examining property taxes in Omaha, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Gallatin County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Gallatin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Omaha.
For example, the median home price in Omaha is $44,190, with tax bills ranging significantly across the county. 62871 has the highest median home price at $44,190.
Property Tax Assessment Values Across Omaha, Gallatin County, Illinois
Source: Ownwell
$28,064
$56,176
$84,288
Median Omaha Market Value
$44,190
Median Gallatin County Market Value
$44,390
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Omaha, Gallatin County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62871 | $7,275 | $21,243 | $44,190 | $85,365 | $130,077 |
Source: Ownwell
Property Tax Bills Across Omaha, Gallatin County, Illinois
In Omaha, Gallatin 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 local tax rate is then applied to this assessed value to determine the annual property tax bill. Homeowners in the area can expect tax bills that vary significantly, with the 25th percentile at $113 and the 90th percentile reaching $2,512. These variations depend on factors such as property size, location, and market conditions. Compared to the national median property tax bill of $2,400, some homeowners in Omaha may find themselves paying less, while others might face higher expenses.
Ownwell offers valuable assistance to homeowners by identifying opportunities for tax savings through appeals and exemptions. By analyzing property assessments and market trends, Ownwell can help ensure that homeowners are not overpaying on their property taxes. This proactive approach not only reduces financial burdens but also provides peace of mind, allowing homeowners to focus on enjoying their properties without the stress of excessive tax bills.
Median Omaha Tax Bill
$466
Median Gallatin County Tax Bill
$496
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Omaha, Gallatin County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62871 | $49 | $113 | $466 | $1,264 | $2,512 |
Source: Ownwell