Oswego, Illinois Property Taxes
The median property tax rate in Oswego, IL is 2.25%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oswego, the typical annual property tax bill reaches $4,525, exceeding the national median of $2,690. Property taxes in Oswego 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 Oswego'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 Oswego 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
Oswego, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$4,784
$4,674
Ownwell’s Oswego Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oswego with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oswego 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 Oswego, Illinois
Property taxes in Oswego, Illinois, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Oswego is 2.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oswego set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oswego 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 Oswego's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60543 zip code has the highest median property tax rate of 2.25%, while the same zip code also has the lowest median tax rate of 2.25%. Understanding how these cities compare with Oswego provides valuable insights into the varying tax landscape across Kendall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oswego Tax Rate
2.25%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oswego, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60543 | 2.11% | 2.16% | 2.25% | 2.28% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Oswego, Illinois
In Oswego, 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 local 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 Oswego, 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 highest median tax bill in Oswego is $4,525, found in the 60543 zip code, while the lowest is also $4,525 in the same zip code. 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 Oswego helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oswego Assessed Value
$212,602
Average Kane County Assessed Value
$253,745
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oswego, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60543 | $168,429 | $195,495 | $212,602 | $240,063 | $249,821 |
Source: Ownwell
Property Tax Bills Across Oswego, Illinois
Property tax bills in Oswego, located in Kane County, IL, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. For Oswego, the median home price stands at $212,602. The tax rate is then applied to this assessed value to calculate the annual tax bill. In Oswego, homeowners can expect a median property tax bill of $4,525, which is significantly higher than the national median property tax rate of 0.99%. For example, tax bills range from the 25th percentile at $4,309 to the 90th percentile at $5,533, reflecting differences in property values and assessments within the area. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Homeowners should be aware of these factors as they can significantly affect annual expenses and the overall cost of homeownership.
Average Oswego Tax Bill
$4,525
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oswego, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60543 | $3,728 | $4,309 | $4,525 | $5,359 | $5,533 |
Source: Ownwell