Oak Park, Illinois Property Taxes
The median property tax rate in Oak Park, IL is 1.96%, 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 $249,030, the typical annual property tax bill reaches $4,885, 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
1.96%
Estimate Property Tax Bill
$4,881
$4,529
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 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 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 1.96%, 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 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 Illinois and the national median. For comparison, the zip code 60301 has both the highest and lowest median property tax rate of 1.96%. Understanding how these rates compare with Oak Park 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 Park Tax Rate
1.96%
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60301 | 1.96% | 1.96% | 1.96% | 1.96% | 1.96% |
Source: 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 DuPage 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. 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. The median home price in Oak Park is $249,030, with the highest and lowest median tax bill both being $4,885 in the 60301 zip code.
Average Oak Park Assessed Value
$249,030
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60301 | $249,030 | $249,030 | $249,030 | $249,030 | $249,030 |
Source: Ownwell
Property Tax Bills Across Oak Park, Illinois
In Oak Park, located in DuPage County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and represents a percentage of the market value of the property. For instance, if the median home price in Oak Park is $249,030, the assessed value will be a fraction of this amount, which is then multiplied by the local tax rate to determine the tax bill. Several factors influence the property tax bill, including the local tax rate and any applicable exemptions. Homeowners in Oak Park experience a median property tax bill of $4,885, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing their annual housing costs. Understanding how these factors interplay can help homeowners better anticipate their financial obligations and plan accordingly.
Average Oak Park Tax Bill
$4,885
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60301 | $4,885 | $4,885 | $4,885 | $4,885 | $4,885 |
Source: Ownwell