Oregon, Illinois Property Taxes
The median property tax rate in Oregon, IL is 2.65%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oregon, the typical annual property tax bill reaches $3,472, exceeding the national median of $2,690. Property taxes in Oregon 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 Oregon'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 Oregon 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
Oregon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$3,461
$3,382
Ownwell’s Oregon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oregon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oregon 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 Oregon, Illinois
Property taxes in Oregon, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oregon is 2.65%, significantly higher than the U.S. national median of 0.99%. Local government entities within Oregon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oregon 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 Oregon's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61061 has the highest median property tax rate of 2.65%, while the same zip code also has the lowest median tax rate of 2.65%. Understanding how these cities compare with Oregon provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oregon Tax Rate
2.65%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oregon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61061 | 1.92% | 2.31% | 2.65% | 2.92% | 3.24% |
Source: Ownwell
Property Tax Assessment Values Across Oregon, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oregon, 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 Ogle 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 Oregon, 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 Oregon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61061, with a median tax bill of $3,472.
Average Oregon Assessed Value
$130,608
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oregon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61061 | $60,824 | $87,116 | $130,608 | $196,789 | $263,855 |
Source: Ownwell
Property Tax Bills Across Oregon, Illinois
In Oregon, Ogle County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $130,608, homeowners can expect varying tax bills depending on their property's assessed value and the local tax rate. Factors considered in determining the tax bill include the property's location, size, and condition, as well as any exemptions that may apply. The tax bill can significantly impact homeowners, with the 25th percentile tax bill at $2,308 and the 75th percentile at $5,273. In some cases, tax bills can be as high as $7,222, which can be a substantial financial obligation for homeowners. Understanding these factors can help homeowners better anticipate their annual property tax expenses and plan accordingly.
Average Oregon Tax Bill
$3,472
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oregon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61061 | $1,560 | $2,308 | $3,472 | $5,273 | $7,222 |
Source: Ownwell