Oakley, Illinois Property Taxes
The median property tax rate in Oakley, Illinois is 2.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oakley at $164,452, the typical annual property tax bill reaches $3,529, exceeding the national median of $2,690. Property taxes in Oakley 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 Oakley'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 Oakley 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
Oakley, 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 Oakley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakley 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 Oakley, Illinois
Property taxes in Oakley, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakley is 2.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oakley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakley 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 Oakley's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62501 has the highest median property tax rate of 2.32%, while the same zip code also holds the lowest median tax rate of 2.32%. Understanding how these areas compare with Oakley provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakley Tax Rate
2.32%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62501 | 1.56% | 2.03% | 2.32% | 2.46% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Oakley, Illinois
In Oakley, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 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 Oakley, 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 Oakley 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 $3,529, found in the zip code 62501, reflecting the uniformity in property tax assessments within the region.
Average Oakley Assessed Value
$164,452
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62501 | $69,122 | $113,675 | $164,452 | $222,673 | $320,623 |
Source: Ownwell
Property Tax Bills Across Oakley, Illinois
In Oakley, Illinois, property tax bills are determined 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 calculate the property tax bill. Several factors influence the final tax bill, including the median home price in Oakley, which stands at $164,452. Homeowners in the 25th percentile pay around $2,160, while those in the 75th percentile face tax bills of approximately $5,333. For those in the 90th percentile, the tax bill can reach up to $7,663. The tax rate in Oakley can be compared to the national median property tax rate of 0.99%, providing a benchmark for understanding local tax burdens. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding how these factors interplay helps residents anticipate their financial responsibilities and the value they receive in return.
Average Oakley Tax Bill
$3,529
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62501 | $1,084 | $2,160 | $3,529 | $5,333 | $7,663 |
Source: Ownwell