Glasford, Illinois Property Taxes
The median property tax rate in Glasford, IL is 2.44%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $106,230 in Glasford, the typical annual property tax bill reaches $2,465, which is just under the national median of $2,690. Property taxes in Glasford 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 Glasford'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 Glasford or another part of Peoria County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glasford, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$2,592
$2,533
Ownwell’s Glasford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glasford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glasford 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 Glasford, Illinois
Property taxes in Glasford, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Glasford is 2.44%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Glasford set these rates annually, and they can vary across different neighborhoods. Each year, Glasford 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 Glasford's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61533 has the highest median property tax rate of 2.44%, while the same zip code also has the lowest median tax rate of 2.44%. Understanding how these cities compare with Glasford provides valuable insights into the varying tax landscape across Peoria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glasford Tax Rate
2.44%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glasford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61533 | 1.81% | 2.18% | 2.44% | 2.67% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Glasford, Illinois
In Glasford, 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 Peoria County Assessment 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 Glasford, 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 Glasford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Glasford is $106,230, with median tax bills ranging from $1,426 at the 25th percentile to $3,830 at the 75th percentile. The zip code with the highest and lowest median tax bill is 61533, with a value of $2,465.
Average Glasford Assessed Value
$106,230
Average Peoria County Assessed Value
$93,150
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glasford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61533 | $23,370 | $68,340 | $106,230 | $162,606 | $224,460 |
Source: Ownwell
Property Tax Bills Across Glasford, Illinois
In Glasford, located in Peoria County, IL, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $106,230, homeowners in Glasford can expect varying tax bills depending on their home's assessed value and specific circumstances. The tax bill at the 25th percentile is $1,426, while at the 75th percentile, it rises to $3,830. Homeowners at the 90th percentile face a tax bill of $5,549. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Glasford's rates reflect the local economic conditions and public service funding needs. For homeowners, understanding these factors is crucial for financial planning and anticipating annual expenses.
Average Glasford Tax Bill
$2,465
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Glasford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61533 | $556 | $1,426 | $2,465 | $3,830 | $5,549 |
Source: Ownwell