Gibson City, Champaign County, Illinois Property Taxes

Name: Property Tax Bills Across Gibson City, Champaign County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Gibson City, IL effective property tax rate: 2.02%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Gibson City, IL home value: $122,235
Median annual Gibson City, IL tax bill: $2471, $71 higher than the national median property tax bill of $2,400.

How are property taxes in Champaign calculated?

Property taxes in Gibson City, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Gibson City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Gibson City, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Gibson City, Champaign County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.02%

Estimate Property Tax Bill

$2,469

$2,291

Ownwell’s Gibson City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gibson City with just two data points. By entering your property's estimated assessed value, our calculator applies Gibson City’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Champaign County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Gibson City, Champaign County, Illinois

Local government entities set tax rates, which can vary widely within a state. This variation is due to each county estimating its budget to provide services annually and dividing it by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process.

In Gibson City, located in Champaign County, Illinois, the effective property tax rate reflects these calculations. Compared to the national median property tax rate of 1.02%, Illinois has a median rate of 2.02%, making it one of the higher-taxed states in the country. This means property owners in Gibson City could face higher tax bills compared to the national median of $2,400. Understanding these differences is crucial for property owners who want to manage their expenses effectively. By comparing Gibson City's effective property tax rate to other cities in Illinois and the broader national context, property owners can better anticipate their financial obligations and explore potential savings through appeals or exemptions.

Property Tax Rates Across Gibson City, Champaign County, Illinois

Source: Ownwell

1.72%

2.45%

3.17%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Gibson City Tax Rate

2.02%

Median Effective Champaign County Tax Rate

2.54%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Gibson City, Champaign County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60936	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Gibson City, Champaign County, Illinois

When examining property taxes in Gibson City, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Champaign County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Champaign County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Gibson City. For example, the median home price in Gibson City is $122,235, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Gibson City, Champaign County, Illinois

Source: Ownwell

$64,275

$153,698

$243,120

Median Gibson City Market Value

$122,235

Median Champaign County Market Value

$152,850

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Gibson City, Champaign County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60936	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Gibson City, Champaign County, Illinois

In Gibson City, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor and typically represents a percentage of the property's market value. The tax rate is then applied to this assessed value to determine the final tax bill. For homeowners in Gibson City, the property tax bills range from $2,340 at the 25th percentile to $2,680 at the 90th percentile, with the 75th percentile at $2,602. This is slightly above the national median property tax bill of $2,400. Various factors such as market trends, neighborhood improvements, and local government budgets can influence these assessments, affecting the amount homeowners are required to pay. Ownwell assists homeowners by providing expert property tax appeal services, potentially lowering their tax bills. By analyzing assessment data and identifying discrepancies, Ownwell can help ensure homeowners are not overpaying on their property taxes, leading to significant savings and financial relief.

Property Tax Bills Across Gibson City, Champaign County, Illinois

Source: Ownwell

$1,191

$3,485

$5,778

Median Gibson City Tax Bill

$2,471

Median Champaign County Tax Bill

$3,816

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Gibson City, Champaign County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60936	N/A	N/A	N/A	N/A	N/A

Source: Ownwell