Oakwood, Illinois Property Taxes
The median property tax rate in Oakwood, IL is 2.35%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oakwood, the typical annual property tax bill reaches $2,132, which is below the national median of $2,690. Property taxes in Oakwood 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'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 Oakwood 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, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$2,364
$2,310
Ownwell’s Oakwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakwood 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, Illinois
Property taxes in Oakwood, 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 is 2.35%, significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oakwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakwood 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's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61858 has the highest median property tax rate of 2.35%, while the same zip code also has the lowest median tax rate of 2.35%. Understanding how these figures compare with Oakwood provides valuable insights into the varying tax landscape across Vermilion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakwood Tax Rate
2.35%
Average Vermilion County Tax Rate
2.53%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61858 | 1.17% | 1.93% | 2.35% | 2.74% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oakwood, Illinois. 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 Vermilion 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. Assessment notices in Oakwood 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61858, with a median tax bill of $2,132.
Average Oakwood Assessed Value
$100,604
Average Vermilion County Assessed Value
$59,223
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61858 | $26,445 | $59,521 | $100,604 | $146,753 | $191,016 |
Source: Ownwell
Property Tax Bills Across Oakwood, Illinois
Property tax bills in Oakwood, Vermilion County, IL, are calculated based on the assessed value of a property, which is typically a percentage of its market value. Assessors evaluate the property's market value and then apply the local assessment rate to determine its assessed value. For instance, with a median home price of $100,604, the assessed value would be a fraction of this amount, depending on local regulations. The tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the tax bill, including property improvements, neighborhood changes, and local government budget needs. Homeowners in Oakwood can expect their tax bills to vary widely. For example, the 25th percentile of tax bills is $1,120, while the 75th percentile reaches $3,340, and the 90th percentile goes up to $4,615. Compared to the national median property tax rate of 0.99%, Oakwood's tax rates reflect the local economic conditions and municipal requirements, impacting homeowners' annual financial planning significantly.
Average Oakwood Tax Bill
$2,132
Average Vermilion County Tax Bill
$1,325
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61858 | $459 | $1,120 | $2,132 | $3,340 | $4,615 |
Source: Ownwell