Oakwood Hills, Mchenry County, Illinois Property Taxes

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

Median OAKWOOD HILLS, IL effective property tax rate: 2.95%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median OAKWOOD HILLS, IL home value: $234,414
Median annual OAKWOOD HILLS, IL tax bill: $6,838, $4,438 higher than the national median property tax bill of $2,400.

How are property taxes in McHenry calculated?

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

Last Updated March 1, 2025

Oakwood Hills, Mchenry County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.95%

Estimate Property Tax Bill

$6,915

$6,417

Ownwell’s Oakwood Hills Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakwood Hills with just two data points. By entering your property's estimated assessed value, our calculator applies Oakwood Hills’ 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 McHenry County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Oakwood Hills, Mchenry County, Illinois

Local government entities set property tax rates, which can vary widely within a state. This variation arises because each county annually estimates its budget requirements for public services and divides this figure by the total assessed value of all taxable property within its jurisdiction, resulting in the property tax rate. Although votes and laws play a role in determining tax rates and budgets, this is essentially the annual process. Oakwood Hills in McHenry County, Illinois, has an effective property tax rate of 2.95%, which is significantly higher than the national median property tax rate of 1.02%. This difference highlights the importance of understanding local property tax dynamics. Comparing Oakwood Hills to other cities in Illinois and the national median can provide valuable insights into how property taxes impact homeowners. By examining these variations, property owners can make informed decisions about property investments and tax appeals, ensuring they are not overpaying on their property tax bills.

Property Tax Rates Across Oakwood Hills, Mchenry County, Illinois

Source: Ownwell

2.29%

2.72%

3.15%

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 Oakwood Hills Taxx Rate

2.95%

Median Effective Mchenry County Taxx Rate

2.75%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Oakwood Hills, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60013	2.67%	2.85%	2.95%	3.00%	3.20%

Source: Ownwell

Property Tax Assessment Values Across Oakwood Hills, Mchenry County, Illinois

When examining property taxes in Oakwood Hills, IL, 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 McHenry 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 McHenry 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 Oakwood Hills.

For example, the median home price in Oakwood Hills is $234,414, with tax bills ranging significantly across the county. 60013 has the highest median home price at $234,414.

Property Tax Assessment Values Across Oakwood Hills, Mchenry County, Illinois

Source: Ownwell

$134,019

$378,264

$622,508

Median Oakwood Hills Market Value

$234,414

Median Mchenry County Market Value

$241,654

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Oakwood Hills, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60013	$152,064	$202,070	$234,414	$274,546	$467,265

Source: Ownwell

Property Tax Bills Across Oakwood Hills, Mchenry County, Illinois

In Oakwood Hills, located in McHenry County, IL, property tax bills are determined based on the assessed value of a home, which is a fraction of its market value. Local tax rates are then applied to this assessed value to calculate the tax bill. The median home price in this area is $234,414, leading to a median property tax bill significantly higher than the national median, reflecting the county's relatively high tax rates. Factors such as local government budgets and school funding needs influence these rates, impacting homeowners who may face financial strain due to these elevated bills. The tax bill at the 25th percentile is $5,675, while the 75th percentile reaches $8,063, and the 90th percentile soars to $14,146, illustrating the range of tax burdens in the area. Ownwell offers valuable assistance by analyzing your property’s assessment and identifying potential savings opportunities. By filing appeals and exemptions, Ownwell can help reduce your tax bill, easing the financial pressure on homeowners.

Property Tax Bills Across Oakwood Hills, Mchenry County, Illinois

Source: Ownwell

$3,508

$9,978

$16,448

Median Oakwood Hills Tax Bill

$6,838

Median Mchenry County Tax Bill

$6,534

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Oakwood Hills, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60013	$4,034	$5,675	$6,838	$8,063	$14,146

Source: Ownwell