Orion, Illinois Property Taxes
The median property tax rate in Orion, IL is 2.22%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Orion at $159,404, the typical annual property tax bill reaches $3,382, exceeding the national median of $2,690. Property taxes in Orion 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 Orion'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 Orion 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
Orion, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$3,539
$3,284
Ownwell’s Orion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orion 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 Orion, Illinois
Property taxes in Orion, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Orion is 2.22%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Orion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orion 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 Orion's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61273 zip code has the highest median property tax rate of 2.22%, while the same zip code also has the lowest median tax rate of 2.22%. Understanding how these areas compare with Orion 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 Orion Tax Rate
2.22%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61273 | 1.78% | 2.07% | 2.22% | 2.36% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Orion, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Orion, Illinois. 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 Orion, 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. The median home price in Orion is $159,404, with tax bills ranging from $2,453 at the 25th percentile to $6,618 at the 90th percentile. The zip code 61273 has the highest median tax bill. Being aware of these valuation processes in Orion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Orion Assessed Value
$159,404
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 Orion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61273 | $83,946 | $119,719 | $159,404 | $211,688 | $288,828 |
Source: Ownwell
Property Tax Bills Across Orion, Illinois
In Orion, located in Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Local tax assessors determine this assessed value, considering factors such as the property's size, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Orion, the median home price is $159,404. Property tax bills can vary significantly, with the 25th percentile at $2,453 and the 75th percentile reaching $4,695. The 90th percentile sees even higher bills, up to $6,618. These figures indicate a substantial range, reflecting differences in property values and specific assessments. Comparatively, the median property tax rate in Orion is relatively high against the national median of 0.99%. This can significantly impact homeowners, influencing their overall housing costs and potentially affecting decisions on property purchases and investments in the area.
Average Orion Tax Bill
$3,382
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Orion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61273 | $1,576 | $2,453 | $3,382 | $4,695 | $6,618 |
Source: Ownwell