Oak Brook, Illinois Property Taxes
The median property tax rate in Oak Brook, IL is 1.75%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oak Brook, the typical annual property tax bill reaches $8,045, significantly exceeding the national median of $2,690. Property taxes in Oak Brook 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 Oak Brook'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 Oak Brook 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
Oak Brook, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$7,508
$7,337
$1,148
Average Oak Brook, Illinois Tax Savings
Ownwell’s Oak Brook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Brook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Brook to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Oak Brook. 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 Oak Brook, Illinois
Property taxes in Oak Brook, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Brook is 1.75%, significantly higher than the U.S. national median of 0.99%. Local government entities within Oak Brook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Brook 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 Oak Brook's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60523 zip code has the highest median property tax rate of 1.75%, while the same zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Oak Brook provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Brook Tax Rate
1.75%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Brook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60523 | 1.65% | 1.71% | 1.75% | 1.95% | 2.11% |
Source: Ownwell
$1,148
Average Oak Brook Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Oak Brook, Illinois
In Oak Brook, 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 Cook County Assessor 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 Oak Brook, 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 Oak Brook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oak Brook is $429,030, with median tax bills ranging from $7,505 at the 25th percentile to $13,474 at the 90th percentile. The highest and lowest median tax bills are both $8,045 in zip code 60523.
Average Oak Brook Assessed Value
$429,030
Average Cook County Assessed Value
$210,000
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Brook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60523 | $334,464 | $384,810 | $429,030 | $482,290 | $705,344 |
Source: Ownwell
$1,148
Average Oak Brook Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Oak Brook, Illinois
Property tax bills in Oak Brook, located in Cook County, IL, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. In Oak Brook, the median home price is $429,030, leading to substantial property tax bills. For example, the 25th percentile tax bill is $7,505, while the 75th percentile reaches $8,954, and the 90th percentile can soar to $13,474. These high tax bills can significantly impact homeowners' finances, making it crucial to ensure their property is accurately assessed. Ownwell can help homeowners save on their property tax bills by providing professional property tax appeal and exemption services. By analyzing property assessments and market conditions, Ownwell identifies potential discrepancies and advocates for fairer tax valuations, potentially reducing the tax burden and ensuring homeowners do not overpay.
Average Oak Brook Tax Bill
$8,045
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Brook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60523 | $6,076 | $7,505 | $8,045 | $8,954 | $13,474 |
Source: Ownwell
$1,148
Average Oak Brook Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | February 1 |
| Due Date #1 | March 1 |
| Due Date #2 | August 1 |
Links | |
|---|---|
| Cook Assessor’s Office | |
| Phone | (312) 443-7550 |
| Website | assessorpropertydetails.cookcountyil.gov |
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