Taxes in Oak Park
Oak Park layers a real, severely elevated property tax rate and a high combined sales tax on top of Illinois's simple flat 4.95% state income tax.
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Learn moreA Real, Severely Elevated Property Tax Rate
Oak Park's median effective property tax rate ran approximately 3.39% per Ownwell -- among the highest of any Illinois Tier A market this project documents, over three times the national median.
A Real, High Combined Sales Tax
Oak Park's combined sales tax rate ran 10.0% (ZIP 60303) to 10.25% (ZIP 60304), depending on the specific taxing district.
Illinois's Flat Income Tax and Retirement-Income Exemption
Illinois's flat 4.95% state income tax applies to earned income statewide, but Illinois taxes NONE of a retiree's Social Security, pension, or 401(k)/IRA income -- a real, substantial positive that applies identically in Oak Park.
Key takeaways
- Oak Park's property tax rate runs approximately 3.39% effective -- among the highest in this project's Illinois buildout.
- Oak Park's combined sales tax rate runs 10.0%-10.25% depending on ZIP.
- Illinois's flat 4.95% income tax excludes all retirement income -- a real, substantial positive for retirees.
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