Oswego property owners will see a 5 percent decrease in the village’s property tax rate on
their upcoming tax bills.

The Village Board has approved a tax levy (total amount of property taxes collected) of
$1,842,240 or a rate of $0.13222. It is the lowest tax rate for the village of Oswego since 2007 when the rate was $0.13370.

“It’s incredible we are able to reduce the village’s property tax rate to the lowest rate in our history,”
Village President Ryan Kauffman said. “The Village Board is keenly aware property taxes are a burden for our residents, and we remain committed to identifying opportunities for relief.

“I’m extremely proud our prudent financial management allows us to cut the tax rate again this year.”

The village’s property taxes are among various revenue sources that support the village’s operations. During the past two years, the village has managed to achieve surpluses of $3.6 million and $5.6 million through a combination of reduced expenditures and strong revenues in the general fund.

The village continues to prioritize capital investment including water infrastructure, road maintenance and improvements, as well as reducing long-term liabilities by strengthening investment in the police
pension fund.

Overall equalized assessed value, the total value of properties within the community, increased 13  percent over the previous year, due in part to new development.

Since property values increased, a home valued at $300,400 this year would have been valued at $265,840 last year.

Due to increased property value, the property tax increase owed to the village year over year is $124.46.

Here’s an example of the 2024 property tax rate on the owner of a $300,400 home in Oswego. The formula is: Equalized assessed value / 100 x Tax Rate = Taxes Owed or $100,133-$6000/100 x 0.13222=$124.46.

2024 Property Tax Breakdown
$300,400 Home value
$100,133 Equalized Assessed Value (33%) – Home are assessed at one-third of market value.
($6,000)   Less homeowners exemption
$94,133   Taxable EAV
0.13222   Tax rate
$124.46   Village tax owed

The village of Oswego receives the second-smallest share of property tax of any taxing district for Oswego residences.

Village officials note that on a property tax bill, just 1.59 percent, or less than 2 cents of every dollar, goes to the village to provide services.

View the Village’s financial reporting at https://www.oswegoil.org/government/departments/finance/financial-reporting