Oakford, Illinois Property Taxes
The median property tax rate in Oakford, IL is 2.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oakford at $137,812, the typical annual property tax bill reaches $2,893, exceeding the national median of $2,690. Property taxes in Oakford 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 Oakford'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 Oakford 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
Oakford, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.13%
Estimate Property Tax Bill
$2,935
$2,868
Ownwell’s Oakford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakford 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 Oakford, Illinois
Property taxes in Oakford, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Oakford is 2.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oakford set these rates annually, and they can vary across different neighborhoods. Each year, Oakford 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 Oakford's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62673 has the highest median property tax rate of 2.13%, while the lowest median tax rate is also 2.13%. Understanding how these areas compare with Oakford provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakford Tax Rate
2.13%
Average Cass County Tax Rate
2.27%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62673 | 1.95% | 1.99% | 2.13% | 2.19% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Oakford, Illinois
In Oakford, 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 county assessment 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 Oakford, 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 Oakford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Oakford are both $2,893, found in the 62673 zip code.
Average Oakford Assessed Value
$137,812
Average Cass County Assessed Value
$72,645
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62673 | $87,084 | $96,454 | $137,812 | $178,012 | $225,873 |
Source: Ownwell
Property Tax Bills Across Oakford, Illinois
In Oakford, property tax bills are calculated based on the assessed value of a home 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. Various factors such as location, property size, and home improvements are considered in this assessment. For instance, with a median home price of $137,812, homeowners in Oakford can expect their tax bills to vary significantly. The tax bill for the 25th percentile is $1,991, while the 75th percentile sees a tax bill of $3,886, and those in the 90th percentile can experience a tax bill as high as $4,872. The highest and lowest median tax bills in the area are both $2,893, reflecting some consistency in the local tax rates. Compared to the national median property tax rate of 0.99%, Oakford's property tax rates can have a substantial impact on homeowners, influencing their financial planning and overall cost of living.
Average Oakford Tax Bill
$2,893
Average Cass County Tax Bill
$1,681
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62673 | $1,816 | $1,991 | $2,893 | $3,886 | $4,872 |
Source: Ownwell