Osco, Illinois Property Taxes
The median property tax rate in Osco, IL is 2.41%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Osco, the typical annual property tax bill reaches $2,996, exceeding the national median of $2,690. Property taxes in Osco 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 Osco'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 Osco 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
Osco, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s OSCO Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in OSCO with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in OSCO to project your property tax bill. This valuable tool provides insight into potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Osco, Illinois
Property taxes in OSCO, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in OSCO is 2.41%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within OSCO set these rates annually, and they can vary significantly across different neighborhoods. Each year, OSCO 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 for setting property tax rates. The data below compares OSCO's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61274 has the highest median property tax rate of 2.41%, while the same zip code also has the lowest median tax rate of 2.41%. Understanding how these areas compare with OSCO 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 Osco Tax Rate
2.41%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osco, 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, Illinois
In Osco, 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 Assessment Office 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 Osco, 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 Osco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 61274 has the highest median tax bill at $2,996, while the lowest median tax bill is also found in the same zip code.
Average Osco Assessed Value
$126,978
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 Osco, 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, Illinois
In OSCO, located in Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is typically a fraction of the market value, often around one-third. The tax rate is then applied to this assessed value to calculate the tax bill. Various factors such as property type, location, and any applicable exemptions or deductions can influence the final tax amount. For homeowners in OSCO, the median home price is $126,978, with property tax bills ranging significantly. At the 25th percentile, the tax bill is $1,896, while at the 75th percentile, it rises to $6,385. The 90th percentile sees tax bills as high as $10,604. Compared to the national median property tax rate of 0.99%, these figures highlight the substantial variation in tax burdens within the area. Understanding these factors is crucial for homeowners to anticipate their annual property tax expenses and manage their financial planning effectively.
Average Osco Tax Bill
$2,996
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Osco, 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