Gibson City, Ford County, Illinois Property Taxes

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

Median Gibson City, IL effective property tax rate: 2.34%, 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: $113,880
Median annual Gibson City, IL tax bill: $2,489, $89 higher than the national median property tax bill of $2,400.

How are property taxes in Ford County 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, Ford County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.34%

Estimate Property Tax Bill

$2,665

$2,473

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 Ford 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 Ford County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Gibson City, Ford County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Gibson City’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Gibson City, located in Ford County, has a property tax rate of 2.34%, which is significantly higher than the national median property tax rate of 1.02%. This reflects the local government's need to meet budgetary requirements through property taxes. The median property tax bill in Gibson City is also above the national median of $2400, indicating a higher tax burden on homeowners. Understanding these rates is crucial for property owners seeking to manage their expenses effectively. By appealing property taxes or seeking exemptions, homeowners in Gibson City can potentially reduce their financial obligations and ensure they are not overpaying.

Property Tax Rates Across Gibson City, Ford County, Illinois

Source: Ownwell

2.27%

2.72%

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

2.34%

Median Effective Ford County Tax Rate

2.52%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Gibson City, Ford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60936	1.52%	2.08%	2.34%	2.63%	2.71%

Source: Ownwell

Property Tax Assessment Values Across Gibson City, Ford 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 Ford 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 Ford County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 $113,880, with tax bills ranging significantly across the county. Zip code 60936 has the highest median home price at $113,880.

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

Source: Ownwell

$34,920

$115,628

$196,335

Median Gibson City Market Value

$113,880

Median Ford County Market Value

$93,960

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

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

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60936	$51,456	$79,890	$113,880	$172,500	$253,092

Source: Ownwell

Property Tax Bills Across Gibson City, Ford County, Illinois

In Gibson City, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This value is a percentage of the market value of the property. The tax rate is then applied to this assessed value to determine the tax bill. Factors such as the local tax rate and any applicable exemptions can significantly influence the final amount. With a median home price of $113,880, homeowners in Gibson City face tax bills ranging from $1,557 at the 25th percentile to $6,256 at the 90th percentile. The median tax bill in the area is $2,489, which is slightly above the national median of $2,400. This can place a financial burden on homeowners, especially when compared to the national median property tax rate of 1.02%. Ownwell can assist homeowners in Gibson City by reviewing their property assessments and identifying potential savings opportunities. By appealing inaccurate assessments and ensuring all eligible exemptions are applied, Ownwell helps reduce property tax bills, offering financial relief to homeowners.

Property Tax Bills Across Gibson City, Ford County, Illinois

Source: Ownwell

$753

$3,138

$5,522

Median Gibson City Tax Bill

$2,489

Median Ford County Tax Bill

$2,272

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Gibson City, Ford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60936	$904	$1,557	$2,489	$4,050	$6,256

Source: Ownwell