Ophiem, Illinois Property Taxes
The median property tax rate in Ophiem, IL is 2.28%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ophiem at $81,080, the typical annual property tax bill reaches $1,714, which is lower than the national median of $2,690. Property taxes in Ophiem 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 Ophiem'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 Ophiem 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
Ophiem, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$1,849
$1,715
Ownwell’s Ophiem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ophiem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ophiem 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 Ophiem, Illinois
Property taxes in Ophiem, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ophiem is 2.28%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ophiem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ophiem 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 Ophiem's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61468 has the highest median property tax rate of 2.28%, while the same zip code also holds the lowest median tax rate of 2.28%. Understanding how these areas compare with Ophiem provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ophiem Tax Rate
2.28%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ophiem, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61468 | 1.07% | 2.02% | 2.28% | 2.75% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Ophiem, Illinois
In Ophiem, 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 Henry 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 Ophiem, 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 Ophiem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1714 in the 61468 zip code, while the lowest median tax bill is also $1714 in the same zip code.
Average Ophiem Assessed Value
$81,080
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ophiem, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61468 | $17,181 | $51,669 | $81,080 | $117,704 | $136,698 |
Source: Ownwell
Property Tax Bills Across Ophiem, Illinois
In Ophiem, located in Henry County, IL, property tax bills are determined 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 calculate the annual tax bill. For instance, if a home has a median market price of $81,080, the tax bill can vary significantly depending on the assessed value and applicable exemptions. Homeowners in Ophiem can expect their property tax bills to range widely. The 25th percentile tax bill is around $859, while the 75th percentile reaches $2,576, and the 90th percentile can go up to $3,291. These figures suggest that property taxes in this area are relatively high compared to the national median property tax rate of 0.99%. This variability in tax bills can have a substantial impact on homeowners, influencing their overall housing costs and potentially affecting decisions related to buying or selling property in the area. Understanding these factors is crucial for effective financial planning and property investment.
Average Ophiem Tax Bill
$1,714
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ophiem, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61468 | $274 | $859 | $1,714 | $2,576 | $3,291 |
Source: Ownwell