Garden Prairie, Illinois Property Taxes
The median property tax rate in Garden Prairie, IL is 2.54%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Garden Prairie at $184,194, the typical annual property tax bill reaches $4,513, exceeding the national median of $2,690. Property taxes in Garden Prairie 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 Garden Prairie'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 Garden Prairie or another part of Boone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Garden Prairie, 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 Garden Prairie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garden Prairie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garden Prairie 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 Garden Prairie, Illinois
Property taxes in Garden Prairie, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garden Prairie is 2.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Garden Prairie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garden Prairie 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 Garden Prairie's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61038 zip code has the highest median property tax rate of 2.54%, while the lowest is also 2.54%. Understanding how these areas compare with Garden Prairie provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garden Prairie Tax Rate
2.54%
Average Boone County Tax Rate
2.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garden Prairie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61038 | 2.02% | 2.34% | 2.54% | 2.73% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Garden Prairie, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Garden Prairie, Illinois. The market value represents 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 Boone County Assessor 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 Garden Prairie 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, the median home price in Garden Prairie is $184,194, with tax bills ranging from $2,668 at the 25th percentile to $8,795 at the 90th percentile. The zip code 61038 has the highest and lowest median tax bill, both at $4,513. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Garden Prairie, Illinois
Source: Ownwell
$71,868
$195,914
$319,959
Average Garden Prairie Assessed Value
$184,194
Average Boone County Assessed Value
$166,186
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garden Prairie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61038 | $80,202 | $114,771 | $184,194 | $255,177 | $340,924 |
Source: Ownwell
Property Tax Bills Across Garden Prairie, Illinois
In Garden Prairie, located in Boone County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors that influence the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. Homeowners in Garden Prairie experience varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $2,668, while the 75th percentile tax bill rises significantly to $6,514. The 90th percentile tax bill can reach up to $8,795, illustrating the range of property tax burdens within the area. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax rates. High property tax bills can impact homeowners by increasing their annual expenses, making it essential to understand how these rates are determined and what factors contribute to them.
Average Garden Prairie Tax Bill
$4,513
Average Boone County Tax Bill
$4,339
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Garden Prairie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61038 | $1,664 | $2,668 | $4,513 | $6,514 | $8,795 |
Source: Ownwell