Oakbrook Terrace, Illinois Property Taxes
The median property tax rate in Oakbrook Terrace, IL is 1.72%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oakbrook Terrace at $282,210, the typical annual property tax bill reaches $4,762, exceeding the national median of $2,690. Property taxes in Oakbrook Terrace 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 Oakbrook Terrace'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 Oakbrook Terrace 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
Oakbrook Terrace, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.72%
Estimate Property Tax Bill
$4,854
$4,743
Ownwell’s Oakbrook Terrace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakbrook Terrace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakbrook Terrace 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 Oakbrook Terrace, Illinois
Property taxes in Oakbrook Terrace, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakbrook Terrace is 1.72%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oakbrook Terrace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakbrook Terrace 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 Oakbrook Terrace's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60181 zip code has the highest median property tax rate of 1.72%, while the 60181 zip code also has the lowest median tax rate of 1.72%. Understanding how these cities compare with Oakbrook Terrace provides valuable insights into the varying tax landscape across DuPage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakbrook Terrace Tax Rate
1.72%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakbrook Terrace, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60181 | 1.49% | 1.63% | 1.72% | 1.78% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Oakbrook Terrace, Illinois
In Oakbrook Terrace, 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 DuPage 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 Oakbrook Terrace, 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. The median home price in Oakbrook Terrace is $282,210, with property tax bills ranging from $3,857 at the 25th percentile to $10,404 at the 90th percentile. Interestingly, the zip code 60181 has both the highest and lowest median tax bill at $4,762. 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.
Property Tax Assessment Values Across Oakbrook Terrace, Illinois
Source: Ownwell
$2,760
$1,600,770
$3,198,780
Average Oakbrook Terrace Assessed Value
$282,210
Average Dupage County Assessed Value
$319,350
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakbrook Terrace, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60181 | $188,220 | $237,840 | $282,210 | $376,665 | $479,130 |
Source: Ownwell
Property Tax Bills Across Oakbrook Terrace, Illinois
In Oakbrook Terrace, located in DuPage County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors such as the median home price, which stands at $282,210, play a significant role in this calculation. Homeowners in Oakbrook Terrace can expect varying tax bills, with the 25th percentile at $3,857 and the 75th percentile reaching $6,413. For those in the 90th percentile, tax bills can soar to $10,404. Compared to the national median property tax rate of 0.99%, the property tax rates in Oakbrook Terrace can be higher, reflecting the area's property values and local tax policies. This can significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding these factors is crucial for homeowners to anticipate and manage their annual property tax obligations effectively.
Average Oakbrook Terrace Tax Bill
$4,762
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakbrook Terrace, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60181 | $2,801 | $3,857 | $4,762 | $6,413 | $10,404 |
Source: Ownwell