Grant Park, Illinois Property Taxes
The median property tax rate in Grant Park, IL is 2.57%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Grant Park at $185,874, the typical annual property tax bill reaches $4,781, exceeding the national median of $2,690. Property taxes in Grant Park are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grant Park'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 Grant Park 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
Grant Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$4,777
$4,668
Ownwell’s Grant Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grant Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grant Park 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 Grant Park, Illinois
Property taxes in Grant Park, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Grant Park is 2.57%, significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Grant Park set these rates annually, and they can vary across different neighborhoods. Each year, Grant Park 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 Grant Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60940 has the highest median property tax rate of 2.57%, while the same zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Grant Park provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grant Park Tax Rate
2.57%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grant Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60940 | 2.02% | 2.36% | 2.57% | 2.74% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Grant Park, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Grant Park, Illinois. 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 local 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 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 Grant Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Grant Park, the median home price is $185,874. The tax bill at the 25th percentile is $3,397, while the 75th percentile tax bill is $6,288. The highest median tax bill is $4,781, found in the zip code 60940, which also has the lowest median tax bill of $4,781.
Average Grant Park Assessed Value
$185,874
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grant Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60940 | $81,505 | $151,089 | $185,874 | $236,424 | $332,981 |
Source: Ownwell
Property Tax Bills Across Grant Park, Illinois
In Grant Park, located in Will County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, determined by the county assessor. For example, with a median home price of $185,874, the assessed value would be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the home's market value, assessment ratio, and any applicable exemptions. Homeowners in Grant Park may see a range of tax bills, with the 25th percentile at $3,397 and the 75th percentile at $6,288. For those at the 90th percentile, the tax bill can reach up to $7,964. This variability affects homeowners differently, depending on their property values and eligibility for exemptions. Comparatively, the national median property tax rate is 0.99%, highlighting the significance of local tax rates in determining individual tax burdens.
Average Grant Park Tax Bill
$4,781
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Grant Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60940 | $2,805 | $3,397 | $4,781 | $6,288 | $7,964 |
Source: Ownwell