Grand Chain, Illinois Property Taxes
The median property tax rate in Grand Chain, Illinois is 2.14%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Grand Chain, the typical annual property tax bill reaches $1,243, exceeding the national median of $2,690. Property taxes in Grand Chain 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 Grand Chain'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 Grand Chain 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
Grand Chain, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.14%
Estimate Property Tax Bill
$1,160
$1,133
Ownwell’s Grand Chain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Chain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Chain 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 Grand Chain, Illinois
Property taxes in Grand Chain, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Chain is 2.14%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Grand Chain set these rates annually, and they can vary across different neighborhoods. Each year, Grand Chain 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 Grand Chain’s effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62941 has the highest median property tax rate of 2.14%, while the same zip code also has the lowest median tax rate of 2.14%. Understanding how these areas compare with Grand Chain provides valuable insights into the varying tax landscape across Massac County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Chain Tax Rate
2.14%
Average Massac County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Chain, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62941 | 1.53% | 1.86% | 2.14% | 2.62% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Grand Chain, Illinois
In Grand Chain, 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 Massac 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 Grand Chain, 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 Grand Chain helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 62941, with a median tax bill of $1,243.
Average Grand Chain Assessed Value
$54,185
Average Massac County Assessed Value
$60,801
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Chain, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62941 | $9,898 | $22,270 | $54,185 | $82,756 | $104,803 |
Source: Ownwell
Property Tax Bills Across Grand Chain, Illinois
In Grand Chain, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and condition play a significant role in its market value, and consequently, its assessed value. Homeowners in Grand Chain experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $752, while at the 75th percentile, it rises to $1606. At the 90th percentile, it can go up to $2053. The median property tax bill in the area stands at $1243, which is notably higher than the national median property tax rate of 0.99%. These tax bills can significantly impact homeowners' finances, influencing decisions on property purchases and long-term investments. Understanding how these taxes are calculated helps homeowners plan better for their financial future.
Average Grand Chain Tax Bill
$1,243
Average Massac County Tax Bill
$1,443
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Chain, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62941 | $258 | $752 | $1,243 | $1,606 | $2,053 |
Source: Ownwell