Oakwood residents could see a tax increase in 2018, even as the city considers keeping the tax rate the same. As with other area cities, Oakwood residents are seeing higher property values as result of reassessments. And that means higher property tax bills unless governments reduce the tax rate. For Oakwood to remain revenue neutral, it would have to drop the rate to 3.937 mills from the current 4.174 mills. One mill is equal to $1 for each $1,000 in assessed property value.