Oakland, Illinois Property Taxes
The median property tax rate in Oakland, IL is 3.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oakland at $55,224, the typical annual property tax bill reaches $1,544, exceeding the national median of $2,690. Property taxes in Oakland 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 Oakland'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 Oakland 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
Oakland, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average 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, the calculator applies the median tax rate in Oakland 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 Oakland, Illinois
Property taxes in Oakland, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 3.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61943 zip code has the highest median property tax rate of 3.07%, while the lowest median tax rate is also 3.07%. Understanding how these cities compare with Oakland provides valuable insights into the varying tax landscape across Coles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland Tax Rate
3.07%
Average Coles County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland, 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, Illinois
In Oakland, 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 Coles 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. In Oakland, 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 median home price in Oakland is $55,224, with tax bills ranging significantly across different percentiles. The 25th percentile tax bill is $714, while the 75th percentile tax bill is $2,773, and the 90th percentile tax bill is $4,633. Interestingly, the highest and lowest median tax bills, both $1,544, are found in the 61943 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 Oakland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oakland Assessed Value
$55,224
Average Coles County Assessed Value
$64,296
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakland, 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, Illinois
Property tax bills in Oakland, located in Coles County, IL, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. Various factors influence this value, including property size, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Oakland, the median home price is $55,224. Homeowners at the 25th percentile can expect a tax bill around $714, while those at the 75th percentile might see bills up to $2,773. At the 90th percentile, tax bills can reach $4,633. These figures illustrate the range of property tax burdens homeowners may face, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Oakland's property taxes can significantly impact homeowners' finances, making it crucial for them to understand how their tax bills are determined.
Average Oakland Tax Bill
$1,544
Average Coles County Tax Bill
$1,659
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61943 | $360 | $714 | $1,544 | $2,773 | $4,633 |
Source: Ownwell