Orion, Illinois Property Taxes
The median property tax rate in Orion, IL is 2.36%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Orion, the typical annual property tax bill reaches $7,260, exceeding the national median of $2,690. Property taxes in Orion 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 Orion'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 Orion 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
Orion, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.36%
Estimate Property Tax Bill
$7,275
$6,751
Ownwell’s Orion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orion 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 Orion, Illinois
Property taxes in Orion, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Orion is 2.36%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Orion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orion 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 Orion's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61273 zip code has the highest median property tax rate of 2.36%, while the same zip code also has the lowest median tax rate of 2.36%. Understanding how these cities compare with Orion provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Orion Tax Rate
2.36%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61273 | 2.35% | 2.35% | 2.36% | 2.36% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Orion, Illinois
In Orion, 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 Mercer 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 Orion, 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 Orion is $308,262, with tax bills ranging from $7,189 at the 25th percentile to $7,375 at the 90th percentile. The zip code 61273 has the highest and lowest median tax bill at $7,260. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Orion Assessed Value
$308,262
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Orion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61273 | $303,208 | $305,103 | $308,262 | $311,421 | $313,316 |
Source: Ownwell
Property Tax Bills Across Orion, Illinois
In Orion, Mercer County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For homeowners in Orion, the median home price is $308,262. Factors influencing the tax bill include property location, home improvements, and local government budgets. For instance, in Orion, the tax bill for the 25th percentile is $7,189, while the 75th percentile is $7,332, and the 90th percentile is $7,375. These figures indicate a relatively narrow range, suggesting consistent property values within the area. With the national median property tax rate at 0.99%, Orion's property tax rates are notably higher, reflecting the region's specific financial needs and priorities. This higher tax rate can significantly impact homeowners by increasing their annual financial obligations, making it essential to understand the factors contributing to these rates.
Average Orion Tax Bill
$7,260
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Orion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61273 | $7,146 | $7,189 | $7,260 | $7,332 | $7,375 |
Source: Ownwell