CPA in Oak Brook, IL: Tax, Payroll and Accounting

Oak Brook has an unusual feature: the Village of Oak Brook reports that it has no property tax levy. Instead, according to the Village, services are funded largely by sales tax revenue. The community is also older and higher-income than most Illinois suburbs, and many residents were born abroad. This page covers what that means for taxes and where a Naperville CPA firm can help.

No village property tax levy

On its Taxes page, the Village states that there is no real estate tax levy in Oak Brook and shows its property tax levy as $0. It explains that the Village receives a share of the retailers' occupation tax, with one portion used for general operations such as police, fire, public works, library services, building and code enforcement and planning, and the remainder used for roads, drainage and safety pathways. The page's message is that shopping in Oak Brook supports local services in place of a village property tax.

That does not mean Oak Brook homeowners pay no property tax. DuPage County still bills a year in arrears, and school districts, park districts, libraries and other taxing bodies set their own levies. The DuPage Treasurer collects. Township assessors set values, and you appeal assessed value to the DuPage Board of Review after your township's roll is published. If your parcel is in the Cook County part of Oak Brook, Cook County's Assessor, Board of Review and Treasurer apply instead. See DuPage County and Cook County. The Village also lists a 3 percent hotel tax, authorized by state law, and electricity, natural gas and telecommunications taxes. For the sales tax, use the Tax Rate Finder on MyTax Illinois; the State rate is 6.25 percent and local add-ons vary by location.

A mature, high-ownership community

The Census Bureau's American Community Survey (2020-2024 five-year estimates) counts about 8,100 residents with a median age of about 55. Median household income is about $176,000, about 91 percent of occupied homes are owner-occupied and about 66 percent of adults hold a bachelor's degree or higher. About 30 percent of residents were born outside the United States, about 33 percent identify as Asian alone and about 17 percent identify as Asian Indian alone, with about 9 percent born in India. With a small population the survey has wide margins of error, so read these as rough indications. About one in three employed residents works in education and health care, and about 15 percent are self-employed.

Tax topics for households like these

• Retirement income. Illinois lets residents subtract federally taxed Social Security and certain retirement income. See Social Security benefits taxation and the rules on required minimum distributions.
• Estates and gifts. Larger estates raise federal and state questions; see estate and gift tax basics.
• US-India matters. Reporting of Indian accounts and property, residency status and treaty relief can all apply; see residency rules, NRE, NRO and FCNR accounts and the US-India tax treaty.
• Business owners. Self-employed residents and companies in the village should review entity choice and Illinois replacement tax.

How we can help

We help with retirement withdrawals and Illinois subtractions, coordinate estate and gift filings, handle US-India reporting and run payroll for local businesses, and we review IRS notices. Start from the contact page.

Frequently asked questions

General information only, not tax, legal or accounting advice for your situation. Rules, limits and deadlines change; confirm the current rules with the official source or a qualified professional before you act. Reading this page does not create a professional relationship with CPA Tax Payroll and Accounting Corp.