Oconee, Illinois Property Taxes
The median property tax rate in Oconee, IL is 2.47%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oconee at $90,336, the typical annual property tax bill reaches $2,224, which is below the national median of $2,690. Property taxes in Oconee are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Oconee'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 Oconee 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
Oconee, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.47%
Estimate Property Tax Bill
$2,231
$2,071
Ownwell’s Oconee Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Oconee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oconee 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 Oconee, Illinois
Property taxes in Oconee, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oconee stands at 2.47%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oconee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oconee 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 Oconee's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62553 has both the highest and lowest median property tax rate of 2.47%. Understanding how these areas compare with Oconee provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oconee Tax Rate
2.47%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oconee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62553 | 1.90% | 2.17% | 2.47% | 3.03% | 3.28% |
Source: Ownwell
Property Tax Assessment Values Across Oconee, Illinois
In Oconee, 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 Shelby 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 Oconee, 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 Oconee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,224 in the 62553 zip code, while the lowest median tax bill is also $2,224 in the same zip code.
Average Oconee Assessed Value
$90,336
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oconee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62553 | $24,881 | $51,165 | $90,336 | $147,330 | $192,221 |
Source: Ownwell
Property Tax Bills Across Oconee, Illinois
Property tax bills in Oconee, a city in Shelby County, Illinois, are calculated based on the assessed value of a property. The assessed value is typically a percentage of the property's market value, determined by local assessors. Factors such as property size, location, and improvements can influence this assessment. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the annual property tax bill. In Oconee, homeowners experience varying tax bills. For instance, the tax bill at the 25th percentile is $1,211, while at the 75th percentile, it rises to $3,636, and at the 90th percentile, it can reach up to $5,423. Comparing these figures to the national median property tax rate of 0.99%, Oconee's property taxes can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors helps homeowners anticipate their tax liabilities and manage their finances accordingly.
Average Oconee Tax Bill
$2,224
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oconee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62553 | $572 | $1,211 | $2,224 | $3,636 | $5,423 |
Source: Ownwell