O Fallon, Illinois Property Taxes
The median property tax rate in O'Fallon, IL is 2.40%, 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 $4,577, exceeding 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
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Average Tax Rate
2.4%
Estimate Property Tax Bill
$5,015
$4,901
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in O'Fallon is 2.40%, 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 62269 zip code has the highest median property tax rate of 2.40%, while the same zip code also has the lowest median tax rate of 2.40%. Understanding how these cities compare with O'Fallon provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average O Fallon Tax Rate
2.40%
Average St. Clair County Tax Rate
2.55%
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 | 1.91% | 2.22% | 2.40% | 2.55% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across O Fallon, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in O FALLON, IL. The market value represents 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 St. Clair County Assessment Office 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. For instance, the median home price in O FALLON is $208,974, with tax bills ranging from $2,865 at the 25th percentile to $8,456 at the 90th percentile. The highest and lowest median tax bills are both $4,577, found in the 62269 zip code. 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 O Fallon Assessed Value
$208,974
Average St. Clair County Assessed Value
$110,946
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 | $88,369 | $132,386 | $208,974 | $274,766 | $358,735 |
Source: Ownwell
Property Tax Bills Across O Fallon, Illinois
In O'Fallon, located in St. Clair County, 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. Once the assessed value is established, various local tax rates are applied to calculate the total property tax bill. These rates can include those from the city, county, school districts, and other local entities. For homeowners in O'Fallon, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is around $2,865, while the 75th percentile reaches $6,426, and the 90th percentile is as high as $8,456. The median home price in O'Fallon is $208,974, and the highest median tax bill in the area is $4,577. These property taxes can have a substantial impact on homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, O'Fallon's rates reflect its local economic and governmental factors.
Average O Fallon Tax Bill
$4,577
Average St. Clair County Tax Bill
$2,735
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 | $1,685 | $2,865 | $4,577 | $6,426 | $8,456 |
Source: Ownwell