O Fallon, Illinois Property Taxes
The median property tax rate in O'Fallon, IL is 2.52%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in O'Fallon at $89,508, the typical annual property tax bill reaches $2,259, which is below the national median of $2,690. Property taxes in O'Fallon 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 O'Fallon'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 O'Fallon 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
O Fallon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.52%
Estimate Property Tax Bill
$2,256
$2,204
Ownwell’s O'Fallon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in O'Fallon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in O'Fallon 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 Johnson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across O Fallon, Illinois
Property taxes in O'Fallon, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in O'Fallon is 2.52%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within O'Fallon set these rates annually, and they can vary significantly across different neighborhoods. Each year, O'Fallon 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 O'Fallon's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62269 zip code has both the highest and lowest median property tax rate of 2.52%. Understanding how these cities compare with O'Fallon provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average O Fallon Tax Rate
2.52%
Average Johnson County Tax Rate
2.14%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across O Fallon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62269 | 2.52% | 2.52% | 2.52% | 2.52% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across O Fallon, Illinois
In O'Fallon, 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 Johnson 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 O'Fallon, 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. The median property tax bill in O'Fallon is $2,259, which is significantly higher than the national median property tax rate of 0.99%. 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 O'Fallon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average O Fallon Assessed Value
$89,508
Average Johnson County Assessed Value
$71,244
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across O Fallon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62269 | $89,508 | $89,508 | $89,508 | $89,508 | $89,508 |
Source: Ownwell
Property Tax Bills Across O Fallon, Illinois
In O'Fallon, located in Johnson County, IL, property tax bills are determined based on the assessed value of the property. The county assesses properties at a percentage of their market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners, several factors influence this calculation, including the property's assessed value, the local tax rate, and any applicable exemptions. In O'Fallon, the median home price is $89,508, leading to a median tax bill of $2,259. This tax bill is notably higher than the national median property tax rate of 0.99%, reflecting the area's specific rates and valuations. The consistency in tax bills, with the 25th, 75th, and 90th percentiles all at $2,259, suggests a uniform application of tax rates across different property values within the city. For homeowners, understanding these factors is crucial, as property taxes significantly impact annual housing costs. Ensuring properties are accurately assessed and taking advantage of any exemptions can help manage these expenses effectively.
Average O Fallon Tax Bill
$2,259
Average Johnson County Tax Bill
$1,237
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across O Fallon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62269 | $2,259 | $2,259 | $2,259 | $2,259 | $2,259 |
Source: Ownwell