Oglesby, Illinois Property Taxes
The median property tax rate in Oglesby, IL is 3.06%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oglesby at $70,953, the typical annual property tax bill reaches $2,143, slightly below the national median of $2,690. Property taxes in Oglesby 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 Oglesby'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 Oglesby or another part of LaSalle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oglesby, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.06%
Estimate Property Tax Bill
$2,171
$2,122
Ownwell’s Oglesby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oglesby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oglesby 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 Oglesby, Illinois
Property taxes in Oglesby, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oglesby is 3.06%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oglesby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oglesby 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 Oglesby's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61348 zip code has the highest median property tax rate of 3.06%, while also having the lowest median tax rate of 3.06%. Understanding how these cities compare with Oglesby provides valuable insights into the varying tax landscape across LaSalle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oglesby Tax Rate
3.06%
Average Lasalle County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oglesby, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61348 | 2.46% | 2.78% | 3.06% | 3.06% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Oglesby, Illinois
In Oglesby, 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 LaSalle County Assessor 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 Oglesby, 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. For instance, the median home price in Oglesby is $70,953, with the 25th percentile tax bill at $1,619 and the 75th percentile tax bill at $3,114. 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 Oglesby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oglesby Assessed Value
$70,953
Average Lasalle County Assessed Value
$83,415
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oglesby, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61348 | $18,694 | $46,196 | $70,953 | $109,042 | $125,592 |
Source: Ownwell
Property Tax Bills Across Oglesby, Illinois
In Oglesby, LaSalle County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is typically a percentage of the property's market value. For instance, homeowners in Oglesby with a median home price of $70,953 can expect their tax bills to vary significantly. Factors such as property size, location, and improvements can influence the assessed value. The tax rate in Oglesby is applied to the assessed value to determine the annual tax bill. With the national median property tax rate at 0.99%, Oglesby homeowners see a range of tax bills. At the 25th percentile, tax bills are approximately $1,619, while at the 75th percentile, they rise to around $3,114. The highest tax bills, at the 90th percentile, can reach up to $3,609. These property taxes fund essential local services, including schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Oglesby Tax Bill
$2,143
Average Lasalle County Tax Bill
$2,340
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oglesby, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61348 | $678 | $1,619 | $2,143 | $3,114 | $3,609 |
Source: Ownwell