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🏡 Understanding Residential Property Taxes: What Every Homeowner Should Know
Property taxes aren’t exactly the most exciting topic—but they’re one of the most important parts of homeownership. Whether you’ve lived in your home for years or you’re just settling in, understanding how your property is assessed (and taxed) can make a real difference in your financial planning.
💡 What Are Property Taxes Based On?
In Illinois, residential property taxes are calculated based on your home’s assessed value, which is determined by your local assessor. That value is then multiplied by the local tax rate—in O’Fallon, it’s around 1.73%, which is higher than the national average.
But here’s the catch: about 1 in 4 homes nationwide are overassessed, meaning homeowners may be paying more than their fair share. That can add up to hundreds or even thousands of dollars each year.
🔍 How to Know If Your Home Is Fairly Assessed
You don’t need to be a real estate expert to check your assessment. Here’s how to start:
- Review your property’s assessed value online through your county’s assessor portal
- Compare it to similar homes nearby—look at square footage, lot size, and recent sale prices
- Appeal the assessment if something seems off (yes, you can!)
🛠 Why It Matters
This isn’t just about saving money—it’s about fairness, transparency, and protecting your investment. Overpaying on property taxes can quietly chip away at your budget, especially for families trying to build equity or plan for the future.
As someone who’s passionate about empowering homeowners, I’m always happy to help walk through your assessment or connect you with resources to make sure you’re informed and confident.
🤝 Let’s Talk
If you’re curious about your property taxes or just want a second set of eyes on your assessment, reach out. No pressure—just perspective.
Danielle White Real Estate Agent | Community Advocate | Board Member, Habitat for Humanity O’Fallon #HomeownershipMatters #OFallonIL #PropertyTaxAwareness #EmpoweredHomeowners
