New Oswego Property Tax Rate Will Be Lowest Since 2008

OSWEGO, IL — Oswego will see the lowest property tax rate since 2008, village officials announced Thursday morning on Facebook.

The rate for the portion of property taxes that will go to the Village of Oswego will decrease to 5.11 percent as opposed to the original projection of 3 percent, officials said. The final tax rates are calculated by Kendall County in early spring each year, which prompts the village to use a conservative estimate when the levy is set in December.

Officials said the final tax calculation results in not only the lowest property tax rate in 16 years but also the largest rate cut since 2015.

The overall equalized assessed value, or the total value of properties within Oswego, increased by about 6.91 percent over the previous year, officials said, citing new development as one of the reasons why, Patch reported. As an example staff, said a home valued at $281,900 this year would have been valued at $263,680 last year.

As of March, the median sold price for houses in Oswego was $367,158 — or $172 per square foot. Properties are selling for an average of 4.2 percent, or $14,866, more than they did the previous year, according to Rocket Homes.

Comparatively, the median sold price in Bristol Township has increased 8.1 percent over the previous year, whereas in Montgomery, it decreased 5 percent, Rocket Homes data shows.