Groveland, Illinois Property Taxes
The median property tax rate in Groveland, IL is 2.21%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Groveland, the typical annual property tax bill reaches $4,197, exceeding the national median of $2,690. Property taxes in Groveland 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 Groveland'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 Groveland 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
Groveland, 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 Groveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Groveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Groveland 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 Groveland, Illinois
Property taxes in Groveland, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Groveland is 2.21%, significantly higher than the U.S. national median of 0.99%. Local government entities within Groveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Groveland 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 Groveland's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61535 zip code in Groveland has the highest median property tax rate of 2.21%, while the same zip code also has the lowest median tax rate of 2.21%. Understanding how these figures compare with Groveland 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 Groveland Tax Rate
2.21%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Groveland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61535 | 1.89% | 2.09% | 2.21% | 2.31% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Groveland, Illinois
In Groveland, 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 Groveland, 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 Groveland 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 61535, both at $4,197.
Average Groveland Assessed Value
$191,445
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 Groveland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61535 | $100,836 | $138,938 | $191,445 | $268,305 | $366,102 |
Source: Ownwell
Property Tax Bills Across Groveland, Illinois
In Groveland, located in Tazewell County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Groveland is $191,445, and the property tax rate is applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including the home's size, location, and condition. Homeowners in Groveland can expect a range of property tax bills. For instance, those in the 25th percentile pay around $2,928, while those in the 75th percentile face bills of about $6,039. At the higher end, the 90th percentile sees tax bills as high as $8,612. The median property tax bill in the area stands at $4,197, which is significantly higher than the national median property tax rate of 0.99%. This higher tax burden can impact homeowners by increasing their monthly housing costs, making it crucial to understand and potentially appeal their property tax assessments.
Average Groveland Tax Bill
$4,197
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Groveland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61535 | $2,027 | $2,928 | $4,197 | $6,039 | $8,612 |
Source: Ownwell