Omaha, Illinois Property Taxes
The median property tax rate in Omaha, Illinois is 1.60%, which is considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Omaha at $44,190, the typical annual property tax bill reaches $466, significantly below the national median of $2,690. Property taxes in Omaha are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Omaha'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 Omaha 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
Omaha, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$707
$656
Ownwell’s Omaha Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Omaha with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Omaha 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 Omaha, Illinois
Property taxes in Omaha, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Omaha is 1.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Omaha set these rates annually, and they can vary significantly across different neighborhoods. Each year, Omaha 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 Omaha's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62871 zip code has both the highest and lowest median property tax rate of 1.60%. Understanding how these cities compare with Omaha provides valuable insights into the varying tax landscape across Gallatin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Omaha Tax Rate
1.60%
Average Gallatin County Tax Rate
1.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Omaha, 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, Illinois
In Omaha, 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 Gallatin 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 Omaha, 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. Being aware of these valuation processes in Omaha helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, zip code 62871 has the highest and lowest median tax bill, both at $466. This highlights the importance of understanding these valuations, as they can significantly impact your financial planning.
Average Omaha Assessed Value
$44,190
Average Gallatin County Assessed Value
$44,390
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Omaha, 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, Illinois
In Omaha, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For example, the median home price in Gallatin County is $44,190. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Omaha experience a range of tax bills; the 25th percentile tax bill is $113, while the 75th percentile tax bill is $1,264. For those at the higher end, the 90th percentile tax bill reaches $2,512. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Omaha's property tax rates can vary significantly, impacting homeowners differently based on their property's assessed value and applicable exemptions.
Average Omaha Tax Bill
$466
Average Gallatin County Tax Bill
$496
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Omaha, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62871 | $49 | $113 | $466 | $1,264 | $2,512 |
Source: Ownwell