Oakland, Coles County, Illinois Property Taxes

Name: Property Tax Bills Across Oakland, Coles County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Oakland, IL effective property tax rate: 3.07%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Oakland, IL home value: $55,224
Median annual Oakland, IL tax bill: $1,544, $856 lower than the national median property tax bill of $2,400.

How are property taxes in Coles calculated?

Property taxes in Oakland, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Oakland’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Oakland, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Oakland, Coles County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.07%

Estimate Property Tax Bill

$1,695

$1,573

Ownwell’s Oakland Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakland with just two data points.

By entering your property's estimated assessed value, our calculator applies Oakland’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Coles County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Oakland, Coles County, Illinois

Local government entities set tax rates, which can vary widely within a state. This is because each county estimates its required budget annually to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. In Oakland, located in Coles County, Illinois, the effective property tax rate stands at 3.07%. This rate is significantly higher than the national median property tax rate of 1.02%, reflecting the local government's budgetary needs and property values. When compared to other cities within Illinois, Oakland's rate is among the highest, indicating a considerable demand for public services or potentially lower property values that necessitate a higher rate to meet budgetary requirements. Understanding these dynamics can help property owners in Oakland make informed decisions about their property investments and tax obligations.

Property Tax Rates Across Oakland, Coles County, Illinois

Source: Ownwell

2.22%

2.64%

3.07%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Oakland Taxx Rate

3.07%

Median Effective Coles County Taxx Rate

2.84%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Oakland, Coles County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61943	2.06%	2.69%	3.07%	3.09%	3.09%

Source: Ownwell

Property Tax Assessment Values Across Oakland, Coles County, Illinois

When examining property taxes in Oakland, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Coles County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Coles County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Oakland.

For example, the median home price in Oakland is $55,224, with tax bills ranging significantly across the county. 61943 has the highest median home price at $55,224.

Property Tax Assessment Values Across Oakland, Coles County, Illinois

Source: Ownwell

$55,224

$88,860

$122,496

Median Oakland Market Value

$55,224

Median Coles County Market Value

$64,296

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Oakland, Coles County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61943	$12,104	$25,611	$55,224	$105,789	$179,791

Source: Ownwell

Property Tax Bills Across Oakland, Coles County, Illinois

Property tax bills in Oakland, located in Coles County, Illinois, are determined by assessing the property's value and applying the local tax rate. With a median home price of $55,224, the property tax rate in this area is higher than the national median of 1.02%, leading to a median property tax bill of $1,544. This figure is notably lower than the national median property tax bill of $2,400. Factors such as the property’s assessed value, local tax levies, and any applicable exemptions play a significant role in determining the final tax bill. For homeowners, these taxes can impact overall housing affordability and financial planning. Ownwell offers services to help homeowners in Oakland potentially reduce their property tax bills. By analyzing property assessments and identifying possible exemptions or inaccuracies, Ownwell can assist in filing appeals, ensuring that homeowners do not overpay on their taxes. This can result in significant savings and provide financial relief for property owners in the area.

Property Tax Bills Across Oakland, Coles County, Illinois

Source: Ownwell

$1,172

$2,467

$3,762

Median Oakland Tax Bill

$1,544

Median Coles County Tax Bill

$1,659

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Oakland, Coles County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61943	$360	$714	$1,544	$2,773	$4,633

Source: Ownwell