Oak Park, Illinois Property Taxes
The median property tax rate in Oak Park, IL is 3.39%, 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 Park at $319,240, the typical annual property tax bill reaches $10,422, exceeding the national median of $2,690. Property taxes in Oak Park 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 Park'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 Park 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 Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.39%
Estimate Property Tax Bill
$10,822
$10,043
$1,148
Average Tax Savings
Ownwell’s Oak Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Park 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 Park. 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 Park, Illinois
Property taxes in Oak Park, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Park is 3.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Oak Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Park 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 Park's effective property tax rate to other areas in Cook County and the national median. For comparison, the zip code 60301 has the highest median property tax rate of 3.56%, while zip code 60304 has the lowest median tax rate of 3.36%. Understanding how these areas compare with Oak Park 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 Park Tax Rate
3.39%
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60301 | 2.29% | 2.73% | 3.56% | 3.74% | 3.74% |
| 60302 | 2.45% | 3.07% | 3.42% | 3.74% | 3.74% |
| 60304 | 2.78% | 3.16% | 3.36% | 3.46% | 3.74% |
Source: Ownwell
$1,148
Average Oak Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Oak Park, Illinois
In Oak Park, 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 Park, 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 Oak Park is $319,240, with tax bills ranging significantly. 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. 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 Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oak Park Assessed Value
$319,240
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th 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
$1,148
Average Oak Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Oak Park, Illinois
Property tax bills in Oak Park, located in Cook County, IL, are calculated based on the assessed value of the property, which is a percentage of its market value. The median home price in Oak Park is $319,240, with property tax rates significantly higher than the national median of 0.99%. Homeowners in this area face tax bills ranging from $4,620 at the 25th percentile to $18,529 at the 90th percentile, with the highest median tax bill reaching $10,779 in zip code 60304. Factors considered in determining the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. High property taxes can place a substantial financial burden on homeowners, affecting their overall cost of living. Ownwell helps homeowners in Oak Park save on their property tax bills by offering expert property tax appeal and exemption services. By ensuring that properties are fairly assessed and identifying potential exemptions, Ownwell can significantly reduce the tax burden, providing homeowners with much-needed financial relief.
Average Oak Park Tax Bill
$10,422
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th 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
$1,148
Average Oak Park 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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