Green Valley, Illinois Property Taxes
The median property tax rate in Green Valley, IL is 2.03%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Green Valley, the typical annual property tax bill reaches $2,544, slightly below the national median of $2,690. Property taxes in Green Valley 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 Green Valley'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 Green Valley or another part of Tazewell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Green Valley, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$2,559
$2,501
Ownwell’s Green Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Green Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Green Valley 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 Green Valley, Illinois
Property taxes in Green Valley, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Green Valley is 2.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Green Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Green Valley 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 Green Valley's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61534 zip code has the highest median property tax rate of 2.03%, while the same zip code also has the lowest median tax rate of 2.03%. Understanding how these cities compare with Green Valley provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Green Valley Tax Rate
2.03%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Green Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61534 | 1.54% | 1.83% | 2.03% | 2.15% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Green Valley, Illinois
In Green Valley, 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 Tazewell 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 Green Valley, 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 Green Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61534, with a median bill of $2,544, while the lowest is also 61534 with the same median bill.
Average Green Valley Assessed Value
$126,060
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Green Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61534 | $61,170 | $89,858 | $126,060 | $168,540 | $215,040 |
Source: Ownwell
Property Tax Bills Across Green Valley, Illinois
In Green Valley, located in Tazewell 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 then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and any improvements or renovations can influence the assessed value. For homeowners in Green Valley, the median home price is $126,060. The property tax rate in this region can result in varying tax bills, with the 25th percentile tax bill at $1,679 and the 75th percentile at $3,494. The 90th percentile tax bill can reach up to $4,495, indicating a significant range based on property values and assessments. Comparing this to the national median property tax rate of 0.99%, homeowners in Green Valley may experience different financial impacts. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Green Valley Tax Bill
$2,544
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Green Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61534 | $1,012 | $1,679 | $2,544 | $3,494 | $4,495 |
Source: Ownwell