Greenup, Illinois Property Taxes
The median property tax rate in Greenup, IL is 7.34%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Greenup at $53,615, the typical annual property tax bill reaches $3,934, far exceeding the national median of $2,690. Property taxes in Greenup 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 Greenup'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 Greenup 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
Greenup, 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 Greenup Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenup with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenup 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 Greenup, Illinois
Property taxes in Greenup, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenup is 1.74%, higher than both the Illinois state median of 1.73% and the U.S. national median of 0.99%. Local government entities within Greenup set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenup 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 Greenup's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62428 zip code has the highest median property tax rate of 1.74%, while the same zip code also has the lowest median tax rate of 1.74%. Understanding how these cities compare with Greenup provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenup Tax Rate
7.34%
Average Jasper County Tax Rate
6.74%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenup, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62428 | 7.34% | 7.34% | 7.34% | 7.34% | 7.34% |
Source: Ownwell
Property Tax Assessment Values Across Greenup, Illinois
In Greenup, 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 Jasper 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 Greenup 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. The median home price in Greenup is $53,615, and the highest and lowest median tax bills are both $3,934, found in the 62428 zip code. Being aware of these valuation processes in Greenup helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greenup Assessed Value
$53,615
Average Jasper County Assessed Value
$34,930
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenup, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62428 | $53,615 | $53,615 | $53,615 | $53,615 | $53,615 |
Source: Ownwell
Property Tax Bills Across Greenup, Illinois
In Greenup, located in Jasper County, IL, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. For homeowners, this means that the higher the market value of their property, the higher their assessed value and, consequently, their property tax bill. In Greenup, the median home price is $53,615. Tax rates are set by local taxing authorities and can vary, but in Greenup, the median property tax bill is consistently $3,934, regardless of which percentile you fall into. This figure is significantly higher than the national median property tax rate of 0.99%, indicating a heavier tax burden for homeowners in this area. Factors such as property improvements, neighborhood developments, and changes in local government budgets can also influence the assessed value and tax rate, impacting the overall tax bill. Homeowners should be aware of these factors as they can lead to fluctuations in annual property taxes.
Average Greenup Tax Bill
$3,934
Average Jasper County Tax Bill
$2,022
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenup, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62428 | $3,934 | $3,934 | $3,934 | $3,934 | $3,934 |
Source: Ownwell