Ottawa, Illinois Property Taxes
The median property tax rate in Ottawa, IL is 3.56%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ottawa, the typical annual property tax bill reaches $3,488, exceeding the national median of $2,690. Property taxes in Ottawa 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 Ottawa'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 Ottawa 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
Ottawa, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.56%
Estimate Property Tax Bill
$4,010
$3,918
Ownwell’s Ottawa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ottawa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ottawa 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 Ottawa, Illinois
Property taxes in Ottawa, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ottawa is 3.56%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ottawa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ottawa 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 Ottawa's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61350 zip code has the highest median property tax rate of 3.56%, while the same zip code also has the lowest median tax rate of 3.56%. Understanding how these cities compare with Ottawa 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 Ottawa Tax Rate
3.56%
Average Lasalle County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ottawa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61350 | 2.24% | 2.87% | 3.56% | 3.56% | 3.56% |
Source: Ownwell
Property Tax Assessment Values Across Ottawa, Illinois
In Ottawa, 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 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 Ottawa, 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 Ottawa is $112,635, and the median tax bill is $3,488 in the 61350 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ottawa Assessed Value
$112,635
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 Ottawa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61350 | $51,291 | $73,130 | $112,635 | $152,478 | $228,139 |
Source: Ownwell
Property Tax Bills Across Ottawa, Illinois
In Ottawa, LaSalle County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Ottawa, the median home price is $112,635. Property tax bills in this area can vary significantly, with the 25th percentile tax bill at $2,349 and the 75th percentile tax bill at $4,965. The 90th percentile tax bill can reach as high as $6,783. The highest and lowest median tax bills in Ottawa both stand at $3,488, reflecting the uniformity within the zip code 61350. Compared to the national median property tax rate of 0.99%, homeowners in Ottawa may find themselves paying higher taxes, impacting their overall housing costs. Understanding these factors can help homeowners budget more effectively and anticipate their annual property tax obligations.
Average Ottawa Tax Bill
$3,488
Average Lasalle County Tax Bill
$2,340
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ottawa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61350 | $1,361 | $2,349 | $3,488 | $4,965 | $6,783 |
Source: Ownwell