Oakwood Hills, Illinois Property Taxes
The median property tax rate in Oakwood Hills, IL is 2.95%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Oakwood Hills, the typical annual property tax bill reaches $6,838, surpassing the national median of $2,690. Property taxes in Oakwood Hills 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 Oakwood Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oakwood Hills 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
Oakwood Hills, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Oakwood Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakwood Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakwood Hills 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 Oakwood Hills, Illinois
Property taxes in Oakwood Hills, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakwood Hills is 2.95%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oakwood Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakwood Hills 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 Oakwood Hills' effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60013 has the highest median property tax rate of 2.95%, while the same zip code also has the lowest median tax rate of 2.95%. Understanding how these cities compare with Oakwood Hills provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakwood Hills Tax Rate
2.95%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakwood Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60013 | 2.67% | 2.85% | 2.95% | 3.00% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood Hills, Illinois
In Oakwood Hills, 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 McHenry County Assessor's 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 Oakwood Hills, 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 Oakwood Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $6,838, found in zip code 60013.
Property Tax Assessment Values Across Oakwood Hills, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Oakwood Hills Assessed Value
$234,414
Average Mchenry County Assessed Value
$241,654
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakwood Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60013 | $152,064 | $202,070 | $234,414 | $274,546 | $467,265 |
Source: Ownwell
Property Tax Bills Across Oakwood Hills, Illinois
In Oakwood Hills, located in McHenry 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 market value of the property. Once the assessed value is established, local tax rates are applied to calculate the annual property tax bill. These rates can vary depending on the specific needs and budgets of local taxing authorities, such as school districts and municipal services. For homeowners in Oakwood Hills, property tax bills can significantly impact their finances. The median home price in the area is $234,414, and property tax bills range widely. At the 25th percentile, homeowners can expect to pay around $5,675 annually, while those at the 75th percentile might see bills as high as $8,063. The most substantial tax bills, in the 90th percentile, can reach up to $14,146. Given that the national median property tax rate is 0.99%, Oakwood Hills' rates are notably higher, reflecting the local funding requirements and property values.
Average Oakwood Hills Tax Bill
$6,838
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakwood Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60013 | $4,034 | $5,675 | $6,838 | $8,063 | $14,146 |
Source: Ownwell