Oakland, Illinois Property Taxes
The median property tax rate in Oakland, IL is 2.45%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Oakland, the typical annual property tax bill reaches $2,486, which is slightly below the national median of $2,690. Property taxes in Oakland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as 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
2.45%
Estimate Property Tax Bill
$2,470
$2,414
Ownwell’s Oakland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner 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, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 2.45%, 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 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 zip code 61943 has the highest median property tax rate of 2.45%, while the same zip code also has the lowest median tax rate of 2.45%. Understanding how these cities compare with Oakland provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland Tax Rate
2.45%
Average Douglas County Tax Rate
2.16%
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 | 1.66% | 1.97% | 2.45% | 2.81% | 5.45% |
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 Douglas County Assessment 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. 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 Oakland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Oakland is $2,486 in zip code 61943, while the lowest median tax bill is also $2,486 in the same zip code.
Average Oakland Assessed Value
$100,829
Average Douglas County Assessed Value
$101,652
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 | $25,757 | $67,046 | $100,829 | $145,290 | $173,806 |
Source: Ownwell
Property Tax Bills Across Oakland, Illinois
In Oakland, located in Douglas County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Oakland is $100,829. Local tax authorities determine the assessed value and apply the local tax rate to this value. The tax bill can vary significantly depending on the assessed value and the specific tax rate applied in different parts of the county. For instance, homeowners in the 25th percentile of tax bills pay around $1,649, while those in the 75th percentile face bills of about $4,124. At the higher end, the 90th percentile sees tax bills reaching $5,917. The highest and lowest median tax bills in the county are both recorded at $2,486 in the same zip code, 61943. These tax bills impact homeowners by influencing their annual housing costs, making it crucial for them to understand how their property’s assessed value and the local tax rate contribute to their overall tax liability.
Average Oakland Tax Bill
$2,486
Average Douglas County Tax Bill
$2,157
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 | $857 | $1,649 | $2,486 | $4,124 | $5,917 |
Source: Ownwell