Glasford, Illinois Property Taxes
The median property tax rate in Glasford, IL is 2.43%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Glasford at $115,150, the typical annual property tax bill reaches $1,212, which is below the national median of $2,690. Property taxes in Glasford 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 Glasford'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 Glasford 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
Glasford, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.43%
Estimate Property Tax Bill
$2,798
$2,734
Ownwell’s Glasford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glasford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glasford 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 Glasford, Illinois
Property taxes in Glasford, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Glasford is 2.43%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Glasford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glasford 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 Glasford's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61533 zip code has the highest median property tax rate of 2.43%, while the 61533 zip code also has the lowest median tax rate of 2.43%. Understanding how these areas compare with Glasford provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glasford Tax Rate
2.43%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glasford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61533 | 1.28% | 2.12% | 2.43% | 2.43% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Glasford, Illinois
In Glasford, 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 Fulton County Assessment Office 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 Glasford, 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 Glasford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Glasford is $115,150, with median tax bills ranging from $336 at the 25th percentile to $4,321 at the 90th percentile. The highest and lowest median tax bill, both at $1,212, are found in the 61533 zip code.
Average Glasford Assessed Value
$115,150
Average Fulton County Assessed Value
$71,967
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glasford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61533 | $41,102 | $60,286 | $115,150 | $173,401 | $195,874 |
Source: Ownwell
Property Tax Bills Across Glasford, Illinois
In Glasford, located in Fulton County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Glasford is $115,150. Property taxes are then determined by applying the local tax rate to this assessed value. Various factors influence the final tax bill, including local government budgets, school funding needs, and public service requirements. Homeowners in Glasford can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $336, while the 75th percentile reaches up to $3,461. At the 90th percentile, homeowners might see tax bills as high as $4,321. This wide range reflects differences in property values and specific tax rates applied within different areas of the city. Comparatively, the national median property tax rate is 0.99%, making Glasford's property tax landscape a crucial consideration for current and prospective homeowners.
Average Glasford Tax Bill
$1,212
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Glasford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61533 | $260 | $336 | $1,212 | $3,461 | $4,321 |
Source: Ownwell