Oakford, Menard County, Illinois Property Taxes

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

Median Oakford, IL effective property tax rate: 2.55%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Oakford, IL home value: $45,300
Median annual Oakford, IL tax bill: $1,153, $1,247 lower than the national median property tax bill of $2,400.

How are property taxes in Menard County calculated?

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

Last Updated March 1, 2025

Oakford, Menard County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.55%

Estimate Property Tax Bill

$1,155

$1,072

Ownwell’s Oakford Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakford with just two data points. By entering your property's estimated assessed value, our calculator applies Oakford’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by Menard 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 Menard County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Oakford, Menard County, Illinois

Local government entities are responsible for setting tax rates, and these can vary significantly even within a single state. This is because each county annually estimates the budget required to provide essential services and divides this by the total assessed value of all taxable property within its jurisdiction, resulting in the property tax rate. While the process involves votes and legislation, this is essentially how it unfolds each year.

In Oakford, located in Menard County, Illinois, the effective property tax rate stands at 2.55%. This rate is notably higher compared to the national median property tax rate of 1.02%. Property owners in Oakford face a tax rate that is more than double the national median, which can significantly impact their annual tax bills. The median property tax bill in the U.S. is $2,400, highlighting the potential financial burden for Oakford residents. Understanding these dynamics is crucial for property owners who may consider appealing their property tax assessments to ensure they are not overpaying.

Property Tax Rates Across Oakford, Menard County, Illinois

Source: Ownwell

2.15%

2.35%

2.55%

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 Oakford Tax Rate

2.55%

Median Effective Menard County Tax Rate

2.40%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Oakford, Menard County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62673	2.50%	2.52%	2.55%	2.55%	2.55%

Source: Ownwell

Property Tax Assessment Values Across Oakford, Menard County, Illinois

When examining property taxes in Oakford, 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 Menard 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 Menard County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Oakford.

For example, the median home price in Oakford is $45,300, with tax bills ranging significantly across the county. 62673 has the highest median home price at $45,300.

Property Tax Assessment Values Across Oakford, Menard County, Illinois

Source: Ownwell

$45,300

$78,017

$110,733

Median Oakford Market Value

$45,300

Median Menard County Market Value

$80,994

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Oakford, Menard County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62673	$10,101	$19,810	$45,300	$94,814	$168,342

Source: Ownwell

Property Tax Bills Across Oakford, Menard County, Illinois

In Oakford, located in Menard County, IL, property tax bills are calculated based on the assessed value of a property, with the local tax rate applied to this value. The median home price in Oakford is a modest $45,300, influencing the property tax bills in the area. Factors such as the property's location, size, and improvements can impact its assessed value, ultimately affecting the tax bill. With a median property tax bill of $1,153, Oakford residents pay less than the national median of $2,400, providing some relief to homeowners. However, tax bills can vary significantly, with the 25th percentile at $504 and the 90th percentile reaching $4,230. Homeowners in Oakford can benefit from appealing their property tax assessments to ensure they are fair and accurate. Ownwell assists homeowners by identifying potential savings through exemptions and appeals, potentially reducing their property tax burden. By leveraging expert knowledge and local market insights, Ownwell helps homeowners navigate the complexities of property tax assessments and secure potential savings.

Property Tax Bills Across Oakford, Menard County, Illinois

Source: Ownwell

$1,153

$1,917

$2,681

Median Oakford Tax Bill

$1,153

Median Menard County Tax Bill

$1,844

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Oakford, Menard County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62673	$256	$504	$1,153	$2,362	$4,230

Source: Ownwell