Greenup, Illinois Property Taxes
The median property tax rate in Greenup, IL is 1.95%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Greenup at $88,812, the typical annual property tax bill reaches $1,755, which is below the national median of $2,690. Property taxes in Greenup are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greenup'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 Greenup 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
Greenup, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$1,732
$1,607
Ownwell’s Greenup Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Greenup with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenup 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 Greenup, Illinois
Property taxes in Greenup, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenup is 1.95%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Greenup set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenup 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 Greenup's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62428 has both the highest and lowest median property tax rate of 1.95%. Understanding how these cities compare with Greenup provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenup Tax Rate
1.95%
Average Cumberland County Tax Rate
1.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenup, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62428 | 1.24% | 1.62% | 1.95% | 2.21% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Greenup, Illinois
In Greenup, 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 Cumberland 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 Greenup, 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 example, the median home price in Greenup is $88,812, with tax bills ranging from $867 at the 25th percentile to $3,850 at the 90th percentile. The highest and lowest median tax bills are both $1,755, found in the 62428 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 Greenup Assessed Value
$88,812
Average Cumberland County Assessed Value
$107,319
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenup, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62428 | $16,394 | $44,656 | $88,812 | $140,782 | $188,221 |
Source: Ownwell
Property Tax Bills Across Greenup, Illinois
In Greenup, Cumberland County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, its assessed value, and applicable exemptions or deductions. For instance, with a median home price of $88,812, homeowners in Greenup can expect a range of property tax bills. The 25th percentile tax bill is approximately $867, while the 75th percentile tax bill is around $2,762. At the higher end, the 90th percentile tax bill reaches up to $3,850. These figures illustrate the variability in tax obligations depending on the assessed value and specific circumstances of each property. Compared to the national median property tax rate of 0.99%, Greenup's property taxes reflect the local economic and real estate conditions, impacting homeowners by influencing their annual financial planning and overall cost of homeownership.
Average Greenup Tax Bill
$1,755
Average Cumberland County Tax Bill
$1,976
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenup, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62428 | $353 | $867 | $1,755 | $2,762 | $3,850 |
Source: Ownwell