Greenfield, Illinois Property Taxes
The median property tax rate in Greenfield, IL is 1.53%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Greenfield at $67,404, the typical annual property tax bill reaches $956, which is below the national median of $2,690. Property taxes in Greenfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greenfield'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 Greenfield 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
Greenfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$1,031
$1,008
Ownwell’s Greenfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenfield 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 Greenfield, Illinois
Property taxes in Greenfield, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenfield stands at 1.53%, significantly higher than the U.S. national median of 0.99%. Local government entities within Greenfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenfield 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 Greenfield's effective property tax rate to other areas and the national median. For comparison, the zip code 62044 has the highest median property tax rate of 1.53%, while the same zip code also has the lowest median tax rate of 1.53%. Understanding how these areas compare with Greenfield provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenfield Tax Rate
1.53%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62044 | 0.66% | 1.32% | 1.53% | 1.73% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Greenfield, Illinois
In Greenfield, 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 Macoupin County Appraisal District 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 Greenfield, 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 Greenfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 62044, both at $956.
Average Greenfield Assessed Value
$67,404
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62044 | $28,736 | $56,097 | $67,404 | $135,741 | $187,182 |
Source: Ownwell
Property Tax Bills Across Greenfield, Illinois
In Greenfield, located in Macoupin County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the market value, reflecting the property's worth. Various factors influence this assessment, including property size, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the tax bill. For Greenfield homeowners, the median home price is $67,404, with tax bills ranging significantly. The 25th percentile tax bill is $519, while the 75th percentile reaches $2,345, and the 90th percentile climbs to $3,900. These figures indicate the variability in tax burdens among residents. Compared to the national median property tax rate of 0.99%, Greenfield's rates can present a considerable expense for homeowners. Understanding these factors and the variation in tax bills can help homeowners better anticipate their annual property tax obligations.
Average Greenfield Tax Bill
$956
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62044 | $380 | $519 | $956 | $2,345 | $3,900 |
Source: Ownwell