Oak Brook, Illinois Property Taxes
The median property tax rate in Oak Brook, IL is 1.32%, higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $743,760 in Oak Brook, the typical annual property tax bill reaches $10,691, significantly exceeding the national median of $2,690. Property taxes in Oak Brook are calculated based on the tax assessed value, which often 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
1.32%
Estimate Property Tax Bill
$9,818
$9,110
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 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 Oak Brook, Illinois
Property taxes in Oak Brook, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Brook is 1.32%, higher than both the Illinois state median and 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 areas in Illinois and the national median. For comparison, the 60523 zip code has the highest median property tax rate of 1.32%, while the 60522 zip code has the lowest median tax rate of 1.24%. Understanding how these cities compare with Oak Brook provides valuable insights into the varying tax landscape across DuPage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Brook Tax Rate
1.32%
Average Dupage County Tax Rate
2.22%
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 |
|---|---|---|---|---|---|
| 60521 | 1.06% | 1.23% | 1.25% | 1.39% | 1.57% |
| 60522 | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| 60523 | 1.21% | 1.23% | 1.32% | 1.71% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Oak Brook, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oak Brook, Illinois. 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 DuPage 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. For instance, the highest median tax bill in Oak Brook is $39,692 in zip code 60522, while the lowest is $6,782 in zip code 60521. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oak Brook Assessed Value
$743,760
Average Dupage County Assessed Value
$319,350
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 |
|---|---|---|---|---|---|
| 60521 | $370,764 | $402,030 | $428,010 | $1,344,450 | $1,817,526 |
| 60522 | $3,198,780 | $3,198,780 | $3,198,780 | $3,198,780 | $3,198,780 |
| 60523 | $271,410 | $431,670 | $743,760 | $1,129,950 | $1,668,660 |
Source: Ownwell
Property Tax Bills Across Oak Brook, Illinois
In Oak Brook, DuPage County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. Local assessors determine this assessed value, and various factors such as property size, location, and condition are considered. The tax rate is then applied to this assessed value to calculate the tax bill. In Oak Brook, homeowners face a range of property tax bills. For instance, the 25th percentile tax bill is $6,674, while the 75th percentile tax bill is $15,463, and the 90th percentile tax bill reaches up to $21,952. The highest median tax bill in the area is a staggering $39,692 in the 60522 zip code, contrasting with the lowest median tax bill of $6,782 in the 60521 zip code. These tax bills can significantly impact homeowners, as they represent a substantial annual expense, especially when compared to the national median property tax rate of 0.99%.
Average Oak Brook Tax Bill
$10,691
Average Dupage County Tax Bill
$7,313
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 |
|---|---|---|---|---|---|
| 60521 | $4,362 | $4,847 | $6,782 | $16,552 | $22,590 |
| 60522 | $39,692 | $39,692 | $39,692 | $39,692 | $39,692 |
| 60523 | $3,828 | $6,674 | $10,691 | $15,457 | $21,949 |
Source: Ownwell