Greenview, Illinois Property Taxes
The median property tax rate in Greenview, IL is 2.15%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Greenview, the typical annual property tax bill reaches $1,884, exceeding the national median of $2,690. Property taxes in Greenview 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 Greenview'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 Greenview 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
Greenview, 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 Greenview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenview 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 Greenview, Illinois
Property taxes in Greenview, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenview is 2.15%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Greenview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenview 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 Greenview's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62642 zip code has the highest median property tax rate of 2.15%, while the same zip code also has the lowest median tax rate of 2.15%. Understanding how these cities compare with Greenview provides valuable insights into the varying tax landscape across Menard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenview Tax Rate
2.15%
Average Menard County Tax Rate
2.40%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62642 | 2.11% | 2.14% | 2.15% | 2.19% | 2.19% |
Source: Ownwell
Property Tax Assessment Values Across Greenview, Illinois
In Greenview, 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 Menard 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. Assessment notices in Greenview 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. For example, in Greenview, the median home price is $87,165, with tax bills ranging from $665 at the 25th percentile to $6,103 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 62642, at $1,884. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greenview Assessed Value
$87,165
Average Menard County Assessed Value
$80,994
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62642 | $7,404 | $30,554 | $87,165 | $179,174 | $273,616 |
Source: Ownwell
Property Tax Bills Across Greenview, Illinois
In Greenview, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor's office and represents a percentage of the property's market value. For homeowners in Greenview, the median home price is $87,165. The property tax rate in Greenview is 2.16%, significantly higher than the national median of 0.99%. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, tax bills in Greenview can vary widely, with the 25th percentile at $665 and the 75th percentile at $3,884. At the 90th percentile, tax bills can reach up to $6,103. These property taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding how these factors interplay is crucial for financial planning and assessing the long-term affordability of their property.
Average Greenview Tax Bill
$1,884
Average Menard County Tax Bill
$1,844
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62642 | $159 | $665 | $1,884 | $3,884 | $6,103 |
Source: Ownwell