The Village of Oswego receives the second-smallest share of property tax of any taxing district in town. Of your total property tax bill in 2024, just 1.59%, or less than $0.02 of every dollar, goes to the Village of Oswego to provide services. In Oswego, property tax dollars cover the costs of police pensions. Development, road maintenance, public safety, and all our other services are paid with sales taxes, fees for services, and other miscellaneous revenues. The amount due that appears on your tax bill is based on the following equation: 

Equalized Assessed Value (EAV)/100 x Tax Rate = Taxes Owed

Your EAV, as determined by the township assessor, is equal to one third of your property’s fair market value less any exemption you received. Therefore, if you own a property valued at $300,400, your EAV would be $100,133. A homestead exemption of $6,000 would further reduce this amount to $94,133. The tax rate is expressed as an amount per $100 of EAV. Assuming a combined tax rate from all taxing bodies of 8.758, your taxes would be $8,244.20 and are calculated as follows:

$94,133 / 100 x 8.758 = $8,244.20

Of this amount, only $131.32 would be distributed to the Village of Oswego. The rest is split among the other taxing bodies.

Here's a breakdown of where your property tax money goes.