Oakley, Macon County, Illinois Property Taxes

Name: Property Tax Bills Across Oakley, Macon County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Oakley, IL effective property tax rate: 2.32%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Oakley, IL home value: $164,452
Median annual Oakley, IL tax bill: $3,529, $1,129 higher than the national median property tax bill of $2,400.

How are property taxes in Macon calculated?

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

Last Updated March 1, 2025

Oakley, Macon County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.32%

Estimate Property Tax Bill

$3,815

$3,540

Ownwell’s Oakley Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakley with just two data points.

By entering your property's estimated assessed value, our calculator applies Oakley’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a 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 Macon County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Oakley, Macon County, Illinois

As noted earlier, local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Oakley’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Oakley, located in Macon County, has an effective property tax rate that stands significantly higher than the national median of 1.02%. This is reflective of the broader trend in Illinois, where property tax rates are among the highest in the nation. The property tax rate in Oakley aligns with the county's needs to fund local services like schools, infrastructure, and emergency services. Such a rate ensures that the community's needs are met, but it also emphasizes the importance of property tax consultation to potentially reduce individual tax burdens.

Property Tax Rates Across Oakley, Macon County, Illinois

Source: Ownwell

1.79%

2.60%

3.41%

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 Oakley Taxx Rate

2.32%

Median Effective Macon County Taxx Rate

2.55%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Oakley, Macon County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62501	1.56%	2.03%	2.32%	2.46%	2.66%

Source: Ownwell

Property Tax Assessment Values Across Oakley, Macon County, Illinois

When examining property taxes in Oakley, Illinois, 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 Macon County appraisal district 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.

In Macon County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Oakley.

For example, the median home price in Oakley is $164,452, with tax bills ranging significantly across the county. Zip code 62501 has the highest median home price at $164,452.

Property Tax Assessment Values Across Oakley, Macon County, Illinois

Source: Ownwell

$64,096

$166,841

$269,586

Median Oakley Market Value

$164,452

Median Macon County Market Value

$87,275

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Oakley, Macon County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62501	$69,122	$113,675	$164,452	$222,673	$320,623

Source: Ownwell

Property Tax Bills Across Oakley, Macon County, Illinois

In Oakley, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as local government budgets and public service needs influence the tax rate, impacting the final bill homeowners receive. The median property tax bill in Macon County is $3,529, notably higher than the national median of $2,400, reflecting the local economic conditions and funding requirements. For homeowners, this can mean a significant portion of their budget is allocated to property taxes, which can be a financial burden. Ownwell offers a solution by assisting homeowners in appealing their property tax assessments and identifying potential exemptions. By leveraging expert knowledge and experience, Ownwell can help reduce the assessed value or secure exemptions, ultimately lowering the property tax bill. This service can provide substantial savings, easing the financial load on homeowners in Oakley.

Property Tax Bills Across Oakley, Macon County, Illinois

Source: Ownwell

$1,474

$3,645

$5,815

Median Oakley Tax Bill

$3,529

Median Macon County Tax Bill

$2,091

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Oakley, Macon County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62501	$1,084	$2,160	$3,529	$5,333	$7,663

Source: Ownwell