O Fallon, Illinois Property Taxes
The median property tax rate in O'Fallon, IL is 2.02%, 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, the typical annual property tax bill reaches $1,934, which is below the national median of $2,690. Property taxes in O'Fallon 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 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
2.02%
Estimate Property Tax Bill
$2,009
$1,864
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 the 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 2.02%, which is 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 zip code 62269 has the highest median property tax rate of 2.02%, while the same zip code also has the lowest median tax rate of 2.02%. Understanding how these cities compare with O'Fallon provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average O Fallon Tax Rate
2.02%
Average Madison County Tax Rate
2.17%
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 | 1.93% | 1.96% | 2.02% | 2.08% | 2.11% |
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 Madison 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 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. 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. The median home price in O'Fallon is $99,460, with the 25th percentile tax bill at $1,326 and the 75th percentile tax bill at $2,541. The highest and lowest median tax bills are both $1,934 in the 62269 zip code.
Average O Fallon Assessed Value
$99,460
Average Madison County Assessed Value
$128,259
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 | $46,799 | $66,547 | $99,460 | $132,373 | $152,121 |
Source: Ownwell
Property Tax Bills Across O Fallon, Illinois
In O'Fallon, 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 a percentage of the property's market value. For instance, if the median home price is $99,460, the assessed value will be a fraction of this amount, determined by the county's assessment ratio. The tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the property tax bill, including the property's location within Madison County, local tax rates, and any applicable exemptions or deductions. For example, the median property tax bill in O'Fallon is $1,934, with the 25th percentile at $1,326 and the 75th percentile at $2,541. This variation illustrates how different factors can affect the final amount. Homeowners in O'Fallon can expect their property tax bills to be influenced by these assessments and rates, which can significantly impact their annual expenses. With the national median property tax rate at 0.99%, understanding these local specifics is crucial for budgeting and financial planning.
Average O Fallon Tax Bill
$1,934
Average Madison County Tax Bill
$2,705
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 | $962 | $1,326 | $1,934 | $2,541 | $2,906 |
Source: Ownwell