Grayville, Illinois Property Taxes
The median property tax rate in Grayville, IL is 2.18%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Grayville, the typical annual property tax bill reaches $916, which is below the national median of $2,690. Property taxes in Grayville 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 Grayville'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 Grayville 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
Grayville, 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 Grayville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grayville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grayville 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 Grayville, Illinois
Property taxes in Grayville, Illinois, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Grayville is 2.18%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Grayville set these rates annually, and they can vary across different neighborhoods. Each year, Grayville 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 Grayville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62844 ZIP code has the highest median property tax rate of 2.18%, while the same ZIP code also has the lowest median tax rate of 2.18%. Understanding how these cities compare with Grayville provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grayville Tax Rate
2.18%
Average White County Tax Rate
1.88%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grayville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62844 | 0.86% | 1.59% | 2.18% | 3.30% | 3.30% |
Source: Ownwell
Property Tax Assessment Values Across Grayville, Illinois
In Grayville, 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 White 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 Grayville, 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. The median home price in Grayville is $45,477, with the 25th percentile tax bill at $461 and the 75th percentile tax bill at $1,447. The highest median tax bill of $916 can be found in the 62844 zip code. Being aware of these valuation processes in Grayville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grayville Assessed Value
$45,477
Average White County Assessed Value
$52,311
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grayville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62844 | $13,140 | $26,544 | $45,477 | $64,524 | $97,977 |
Source: Ownwell
Property Tax Bills Across Grayville, Illinois
In Grayville, located in White County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $45,477, the assessed value forms the basis for calculating the property tax. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the property tax bill, including the property's location, any applicable exemptions, and the specific tax rate set by local authorities. In Grayville, the 25th percentile tax bill is $461, while the 75th percentile reaches $1,447, and the 90th percentile goes up to $2,237. These tax bills can significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Compared to the national median property tax rate of 0.99%, Grayville's property taxes can be considered relatively modest, which may be beneficial for homeowners seeking affordability.
Average Grayville Tax Bill
$916
Average White County Tax Bill
$910
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Grayville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62844 | $212 | $461 | $916 | $1,447 | $2,237 |
Source: Ownwell