Grand Ridge, Illinois Property Taxes
The median property tax rate in Grand Ridge, IL is 2.75%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $97,797 in Grand Ridge, the typical annual property tax bill reaches $2,711, slightly above the national median of $2,690. Property taxes in Grand Ridge are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grand Ridge's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Grand Ridge or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grand Ridge, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s GRAND RIDGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GRAND RIDGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GRAND RIDGE to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Grand Ridge, Illinois
Property taxes in Grand Ridge, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Ridge is 2.75%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Grand Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Ridge estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Grand Ridge's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61325 zip code has the highest median property tax rate of 2.75%, while the same zip code also has the lowest median tax rate of 2.75%. Understanding how these cities compare with Grand Ridge provides valuable insights into the varying tax landscape across LaSalle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Ridge Tax Rate
2.75%
Average Lasalle County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Ridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61325 | 2.27% | 2.45% | 2.75% | 2.76% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Grand Ridge, Illinois
In Grand Ridge, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the LaSalle County Assessor's Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Grand Ridge, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Grand Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grand Ridge is $97,797, with tax bills ranging from $1,637 at the 25th percentile to $3,108 at the 75th percentile, and $3,346 at the 90th percentile. The highest and lowest median tax bills are both $2,711 in the 61325 zip code.
Average Grand Ridge Assessed Value
$97,797
Average Lasalle County Assessed Value
$83,415
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Ridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61325 | $35,930 | $59,130 | $97,797 | $130,524 | $150,160 |
Source: Ownwell
Property Tax Bills Across Grand Ridge, Illinois
In Grand Ridge, LaSalle County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's assessed value, which can fluctuate based on market conditions, and the specific tax rate set by local authorities. For homeowners in Grand Ridge, the median home price is $97,797, leading to varying tax bills across different percentiles. For instance, the 25th percentile tax bill stands at $1,637, while the 75th percentile reaches $3,108, and the 90th percentile peaks at $3,346. These figures highlight the range of potential tax liabilities homeowners might face, depending on their property's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, Grand Ridge's tax bills reflect the specific economic and regulatory environment of LaSalle County, impacting homeowners' financial planning and overall cost of living.
Average Grand Ridge Tax Bill
$2,711
Average Lasalle County Tax Bill
$2,340
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Ridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61325 | $993 | $1,637 | $2,711 | $3,108 | $3,346 |
Source: Ownwell