Osco, Henry County, Illinois Property Taxes
Median OSCO, IL effective property tax rate: 2.41%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median OSCO, IL home value: $126,978
Median annual OSCO, IL tax bill: $2,996, $596 higher than the national median property tax bill of $2,400.
How are property taxes in Henry County calculated?
Property taxes in OSCO, 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 OSCO’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in OSCO, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Osco, Henry County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.41%
Estimate Property Tax Bill
$3,060
$2,840
Property Tax Rates Across Osco, Henry County, Illinois
Local government entities set tax rates, which can vary widely within a state. Each county annually 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.
In OSCO, located in Henry County, IL, the effective property tax rate stands at 2.41%, which is significantly higher than the national median property tax rate of 1.02%. This means that residents in OSCO pay a higher proportion of their property's assessed value in taxes compared to the national average. The median property tax bill in OSCO is also higher than the national median of $2400. This can impact homeowners' budgets and influence decisions on property purchases and investments.
Below, you can compare OSCO’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
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 Osco Tax Rate
2.41%
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 Henry County Tax Rate
2.38%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Osco, Henry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61274 | 1.77% | 2.12% | 2.41% | 2.61% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Osco, Henry County, Illinois
When examining property taxes in Osco, 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 Henry County appraisal district 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.
Assessment notices: In Henry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Osco. For example, the median home price in Osco is $126,978, with tax bills ranging significantly across the county. The zip code 61274 has the highest median home price at $126,978.
Property Tax Assessment Values Across Osco, Henry County, Illinois
Source: Ownwell
$49,584
$147,291
$244,998
Median Osco Market Value
$126,978
Median Henry County Market Value
$112,041
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Osco, Henry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61274 | $57,040 | $91,433 | $126,978 | $266,178 | $401,686 |
Source: Ownwell
Property Tax Bills Across Osco, Henry County, Illinois
In Osco, located in Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the tax bill. Homeowners in Osco face a range of property tax bills, with the 25th percentile at $1,896 and the 75th percentile at $6,385, indicating significant variation. The median tax bill in the area is $2,996, which is higher than the national median of $2,400, reflecting the local tax burden on homeowners. Factors such as local government budgets and school district funding needs influence the tax rate. For homeowners, these taxes can be a substantial financial obligation.
Ownwell offers services that can help homeowners in Osco potentially lower their property tax bills. By providing expert property tax appeal and exemption services, Ownwell assists in ensuring that homeowners are not overpaying. This can lead to significant savings, making homeownership more affordable and less financially taxing.
Median Osco Tax Bill
$2,996
Median Henry County Tax Bill
$2,634
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Osco, Henry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61274 | $1,134 | $1,896 | $2,996 | $6,385 | $10,604 |
Source: Ownwell