Gibson City, Illinois Property Taxes
The median property tax rate in Gibson City, IL is 2.02%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Gibson City at $122,235, the typical annual property tax bill reaches $2,471, which is below the national median of $2,690. Property taxes in Gibson City 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 Gibson City'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 Gibson City 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
Gibson City, 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 Gibson City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibson City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibson City 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 Gibson City, Illinois
Property taxes in Gibson City, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibson City is 2.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Gibson City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibson City 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 Gibson City's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60936 has both the highest and lowest median property tax rate of 2.02%. Understanding how these areas compare with Gibson City provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gibson City Tax Rate
2.02%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gibson City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60936 | 1.99% | 2.00% | 2.02% | 2.04% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Gibson City, Illinois
In Gibson City, 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 Champaign 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. In Gibson City, 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 Gibson City 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 60936, with a median tax bill of $2,471.
Average Gibson City Assessed Value
$122,235
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gibson City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60936 | $113,583 | $116,828 | $122,235 | $127,642 | $130,887 |
Source: Ownwell
Property Tax Bills Across Gibson City, Illinois
In Gibson City, located in Champaign County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. Local tax authorities determine this assessed value and then apply the local tax rate to it. For homeowners in Gibson City, the median home price is $122,235. Property tax bills can vary significantly within the area, with the 25th percentile tax bill at $2,340 and the 75th percentile reaching $2,602. At the 90th percentile, homeowners might see tax bills as high as $2,680. These figures indicate that property taxes in Gibson City can be a substantial expense for homeowners, potentially impacting their financial planning and housing affordability. The highest and lowest median tax bills in the area both stand at $2,471, reflecting a relatively consistent tax burden across different parts of the city. Comparing this to the national median property tax rate of 0.99%, Gibson City's property taxes are notably higher, affecting the overall cost of homeownership in the region.
Average Gibson City Tax Bill
$2,471
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Gibson City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60936 | $2,262 | $2,340 | $2,471 | $2,602 | $2,680 |
Source: Ownwell