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Oak Park, Cook County, Illinois Property Taxes

  • Median OAK PARK, IL effective property tax rate: 3.39%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.

  • Median OAK PARK, IL home value: $319,240

  • Median annual OAK PARK, IL tax bill: $10,422, $8,022 higher than the national median property tax bill of $2,400.

How are property taxes in Cook calculated?

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

Last Updated March 1, 2025

Oak Park, Cook County, Illinois Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.39%

Estimate Property Tax Bill

$10,822

$10,043

SAVE WITH OWNWELL

$1,102

Average Tax Savings

Ownwell’s Oak Park Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oak Park with just two data points. By entering your property's estimated assessed value, our calculator applies Oak Park’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by Cook County — reflects any exemptions you may have, ensuring a more 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 Cook County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Oak Park, Cook County, Illinois

Local government entities determine tax rates, leading to significant variations within a state. Each county estimates its budget to provide necessary services and divides it by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.

In Oak Park, located in Cook County, Illinois, the effective property tax rate significantly exceeds the national median of 1.02%. This high rate reflects the county's budgeting needs and the value of properties within its boundaries. Compared to other cities in Illinois, Oak Park's tax rate is among the highest, with only slight variations in neighboring areas. Despite the variations, Oak Park's rate remains well above the national average, highlighting the importance of understanding local tax dynamics.

For homeowners in Oak Park, this means a higher property tax bill, significantly surpassing the national median bill of $2,400. This emphasizes the need for property owners to be aware of local tax rates and consider appealing if they believe their property is over-assessed.

Property Tax Rates Across Oak Park, Cook County, Illinois

Source: Ownwell

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1.47%

4.93%

8.39%

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 Oak Park Tax Rate

3.39%

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 Cook County Tax Rate

2.01%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Oak Park, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
603012.29%2.73%3.56%3.74%3.74%
603022.45%3.07%3.42%3.74%3.74%
603042.78%3.16%3.36%3.46%3.74%

Source: Ownwell

Property Tax Assessment Values Across Oak Park, Cook County, Illinois

When examining property taxes in Oak Park, IL, 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 Cook County Assessor's Office 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. Assessment notices: Cook County sends assessment notices 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 Oak Park. For example, the median home price in Oak Park is $319,240, with tax bills ranging significantly across the county. Zip code 60304 has the highest median home price at $328,280.

Property Tax Assessment Values Across Oak Park, Cook County, Illinois

Source: Ownwell

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$25,480

$637,740

$1,250,000

Median Oak Park Market Value

$319,240

Median Cook County Market Value

$210,000

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Oak Park, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
60301$17,900$101,230$144,560$194,210$401,448
60302$73,638$130,120$316,200$443,480$574,920
60304$136,930$270,010$328,280$372,270$417,818

Source: Ownwell

Property Tax Bills Across Oak Park, Cook County, Illinois

In Oak Park, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Oak Park, property tax bills can vary significantly. The median home price is $319,240, with tax bills ranging from the 25th percentile at $4,620 to the 90th percentile at $18,529. Notably, the highest median tax bill in the area is $10,779 in the 60304 zip code, while the lowest is $4,417 in the 60301 zip code. These figures are considerably above the national median property tax bill of $2,400, reflecting the higher property tax rates in Cook County. Homeowners can find these taxes burdensome, but Ownwell offers a solution. By providing expert property tax appeal and exemption services, Ownwell helps homeowners potentially reduce their tax bills, ensuring they pay only their fair share.

Property Tax Bills Across Oak Park, Cook County, Illinois

Source: Ownwell

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$569

$15,332

$30,094

Median Oak Park Tax Bill

$10,422

Median Cook County Tax Bill

$4,680

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Oak Park, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
60301$669$2,543$4,417$6,095$14,078
60302$1,643$3,960$10,221$15,284$20,337
60304$3,751$8,284$10,779$12,624$14,357

Source: Ownwell

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