Odell, Illinois Property Taxes
The median property tax rate in Odell, IL is 2.82%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Odell at $152,550, the typical annual property tax bill reaches $4,716, exceeding the national median of $2,690. Property taxes in Odell 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 Odell'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 Odell or another part of Livingston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Odell, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$4,302
$3,992
Ownwell’s Odell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Odell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Odell 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 Odell, Illinois
Property taxes in Odell, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Odell is 2.82%, significantly higher than the U.S. national median of 0.99%. Local government entities within Odell set these rates annually, and they can vary across different neighborhoods. Each year, Odell 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 Odell's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60460 zip code has the highest median property tax rate of 2.82%, while the same zip code also has the lowest median tax rate of 2.82%. Understanding how these areas compare with Odell provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Odell Tax Rate
2.82%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Odell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60460 | 2.17% | 2.65% | 2.82% | 3.35% | 3.61% |
Source: Ownwell
Property Tax Assessment Values Across Odell, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Odell, Illinois. 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 Livingston 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 Odell, 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 Odell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60460 has the highest and lowest median tax bill, both at $4,716, highlighting the uniformity in tax assessments within the area.
Average Odell Assessed Value
$152,550
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Odell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60460 | $28,347 | $94,700 | $152,550 | $217,154 | $267,921 |
Source: Ownwell
Property Tax Bills Across Odell, Illinois
In Odell, Livingston County, IL, property tax bills are calculated based on the assessed value of a home, which is a fraction of its market value. Assessors determine this value by considering factors such as the property's size, location, and condition. The tax rate is then applied to the assessed value to calculate the annual property tax bill. For example, with a median home price of $152,550, homeowners in Odell can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $3,128, while at the 75th percentile, they can reach up to $6,862. The 90th percentile sees even higher bills, nearing $9,073. These figures highlight the impact of property taxes on homeowners, with some paying considerably more depending on their property's assessed value. Comparatively, the national median property tax rate is 0.99%, making it essential for Odell homeowners to understand how local assessments and rates influence their financial obligations.
Average Odell Tax Bill
$4,716
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Odell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60460 | $1,427 | $3,128 | $4,716 | $6,862 | $9,073 |
Source: Ownwell