Gifford, Illinois Property Taxes
The median property tax rate in Gifford, IL is 2.23%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Gifford, the typical annual property tax bill reaches $3,183, exceeding the national median of $2,690. Property taxes in Gifford 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 Gifford'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 Gifford or another part of Champaign County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gifford, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$3,383
$3,139
Ownwell’s Gifford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gifford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gifford 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 Gifford, Illinois
Property taxes in Gifford, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gifford is 2.23%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Gifford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gifford 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 Gifford's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61847 zip code has the highest median property tax rate of 2.23%, while the 61847 zip code also has the lowest median tax rate of 2.23%. Understanding how these areas compare with Gifford 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 Gifford Tax Rate
2.23%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gifford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61847 | 1.63% | 2.02% | 2.23% | 2.39% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Gifford, Illinois
In Gifford, 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 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 Gifford, 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. For instance, the median home price in Gifford is $151,710, with tax bills ranging from $2,137 at the 25th percentile to $5,780 at the 90th percentile. The highest and lowest median tax bills in the area are both $3,183, found in the 61847 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gifford Assessed Value
$151,710
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 Gifford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61847 | $67,512 | $105,990 | $151,710 | $204,540 | $254,262 |
Source: Ownwell
Property Tax Bills Across Gifford, Illinois
Property tax bills in Gifford, located in Champaign County, IL, are determined based on the assessed value of a property, which is typically a percentage of the market value. The assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. In Gifford, the median home price is $151,710. Homeowners in the 25th percentile can expect a tax bill around $2,137, while those in the 75th percentile may see bills as high as $4,601. For those in the 90th percentile, the tax bill can reach up to $5,780. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should be aware that higher property values generally result in higher tax bills, which can significantly affect annual household budgets. Comparing these figures to the national median property tax rate of 0.99%, Gifford's property taxes reflect the region's specific economic and market conditions.
Average Gifford Tax Bill
$3,183
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Gifford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61847 | $1,191 | $2,137 | $3,183 | $4,601 | $5,780 |
Source: Ownwell