Every Oak Park property pays a small share of Oak Park’s $163 million tax burden. A property’s share of the burden is determined by comparing its assessed value to Oak Park’s overall assessed value. Thus, a property that comprises 1% of the total assessed value of Oak Park pays 1% of Oak Park’s total tax burden.
Spending increases will raise the community’s overall tax burden, and changes in your property’s share of the burden will determine whether it pays a larger or smaller portion of the increased community-wide tax burden.
Even though assessed values are falling, annual tax levies are rising. Indeed, in light of the successful school district referendum that recently passed, the total tax levy this year is estimated to be about $163 million, and it will increase by about the rate of inflation in subsequent years. Because of these tax levy increases, property taxes will be rising for most properties, notwithstanding the decline in property values.
Please see additional resources for more information or contact:
Oak Park Township Assessor
105 S Oak Park Ave
Oak Park, IL 60302