Oakwood, Vermilion County, Illinois Property Taxes

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

Median Oakwood, IL effective property tax rate: 2.35%, significantly higher than the national median of 1.02%, but equal to the Illinois state median of 2.35%.
Median Oakwood, IL home value: $100,604
Median annual Oakwood, IL tax bill: $2,132, $268 lower than the national median property tax bill of $2,400.

How are property taxes in Vermilion calculated?

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

Last Updated March 1, 2025

Oakwood, Vermilion County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.35%

Estimate Property Tax Bill

$2,364

$2,194

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

Property Tax Rates Across Oakwood, Vermilion County, Illinois

Local government entities are responsible for setting property tax rates, which can differ significantly within a state. Each year, counties calculate their necessary budget for services and divide this by the total value of all taxable properties in their area, resulting in the property tax rate. Although votes and legislation play a role in determining tax rates and budgets, this is the core of the annual process. In Oakwood, located in Vermilion County, Illinois, the effective property tax rate is notably higher than the national median of 1.02%. This rate is also reflective of the highest median tax rate in Illinois, emphasizing the variability of property tax rates within the state. By comparing Oakwood's property tax rate to other cities in Illinois and the national average, property owners can better understand the local tax landscape and how it impacts their financial planning. Understanding these differences is crucial for property owners looking to manage their expenses effectively and explore potential tax appeal opportunities.

Property Tax Rates Across Oakwood, Vermilion County, Illinois

Source: Ownwell

2.05%

2.46%

2.86%

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 Tax Rate

2.35%

Median Effective Vermilion County Tax Rate

2.53%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Oakwood, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61858	1.17%	1.93%	2.35%	2.74%	2.78%

Source: Ownwell

Property Tax Assessment Values Across Oakwood, Vermilion County, Illinois

When examining property taxes in Oakwood, 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 Vermilion 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 Vermilion 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.

For example, the median home price in Oakwood is $100,604, with tax bills ranging significantly across the county. Zip code 61858 has the highest median home price at $100,604.

Property Tax Assessment Values Across Oakwood, Vermilion County, Illinois

Source: Ownwell

$28,646

$72,481

$116,316

Median Oakwood Market Value

$100,604

Median Vermilion County Market Value

$59,223

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Oakwood, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61858	$26,445	$59,521	$100,604	$146,753	$191,016

Source: Ownwell

Property Tax Bills Across Oakwood, Vermilion County, Illinois

In Oakwood, located in Vermilion County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. With a median home price of $100,604, homeowners in Oakwood can expect property tax bills that vary significantly, ranging from $1,120 at the 25th percentile to $4,615 at the 90th percentile. This variation can have a substantial impact on homeowners' finances, especially when compared to the national median property tax bill of $2,400.

Ownwell can assist homeowners in Oakwood by identifying opportunities to appeal their property tax assessments, potentially lowering their tax bills. By analyzing local market conditions and assessment practices, Ownwell's experts can provide tailored advice and representation, ensuring homeowners are not overpaying. This service can lead to significant savings, allowing homeowners to better manage their expenses and invest in their properties.

Property Tax Bills Across Oakwood, Vermilion County, Illinois

Source: Ownwell

$561

$1,728

$2,894

Median Oakwood Tax Bill

$2,132

Median Vermilion County Tax Bill

$1,325

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Oakwood, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61858	$459	$1,120	$2,132	$3,340	$4,615

Source: Ownwell