Oak Forest, Illinois Property Taxes
The median property tax rate in Oak Forest, IL is 3.36%, 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 Forest, the typical annual property tax bill reaches $5,691, exceeding the national median of $2,690. Property taxes in Oak Forest 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 Forest'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 Forest 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 Forest, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.36%
Estimate Property Tax Bill
$5,736
$5,323
$1,148
Average Tax Savings
Ownwell’s Oak Forest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Forest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Forest 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 Forest. 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 Forest, Illinois
Property taxes in Oak Forest, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Forest is 3.36%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oak Forest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Forest 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 Forest's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60452 zip code has the highest median property tax rate of 3.36%, while the same zip code also has the lowest median tax rate of 3.36%. Understanding how these cities compare with Oak Forest 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 Forest Tax Rate
3.36%
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 Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60452 | 2.11% | 2.90% | 3.36% | 3.83% | 4.15% |
Source: Ownwell
$1,148
Average Oak Forest Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Oak Forest, Illinois
In Oak Forest, 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's 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 Oak Forest, 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 Forest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oak Forest is $170,725, with the median tax bill at $5,691. Zip code 60452 has both the highest and lowest median tax bill at $5,691.
Average Oak Forest Assessed Value
$170,725
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 Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60452 | $84,679 | $137,665 | $170,725 | $197,120 | $234,841 |
Source: Ownwell
$1,148
Average Oak Forest Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Oak Forest, Illinois
In Oak Forest, Cook County, IL, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in this area is $170,725, with tax bills ranging significantly based on property values and local levies. For instance, the 25th percentile tax bill is $3,793, while the 75th percentile tax bill reaches $6,954, and the 90th percentile tax bill is as high as $8,539. The median tax bill in the 60452 zip code stands at $5,691, which is considerably higher than the national median property tax rate of 0.99%. These tax bills can place a significant financial burden on homeowners. Factors such as property improvements, neighborhood developments, and changes in local tax policies can influence the assessed value and, consequently, the tax bill. Ownwell can help homeowners in Oak Forest reduce their property tax bills by providing expert property tax appeal and exemption services. By analyzing property assessments and identifying discrepancies, Ownwell ensures homeowners pay only their fair share, potentially saving them thousands of dollars annually.
Average Oak Forest Tax Bill
$5,691
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 Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60452 | $2,044 | $3,793 | $5,691 | $6,954 | $8,539 |
Source: Ownwell
$1,148
Average Oak Forest Tax Savings
Save on your property taxes & more with Ownwell.
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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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