Diamond, Grundy County, Illinois Property Taxes

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

Median Diamond, IL effective property tax rate: 1.95%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Diamond, IL home value: $156,978
Median annual Diamond, IL tax bill: $3,057, $657 higher than the national median property tax bill of $2,400.

How are property taxes in Grundy calculated?

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

Last Updated March 1, 2025

Diamond, Grundy County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.95%

Estimate Property Tax Bill

$3,061

$2,841

Ownwell’s Diamond Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Diamond with just two data points. By entering your property's estimated assessed value, our calculator applies Diamond’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 Grundy County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Diamond, Grundy County, Illinois

Local government entities determine property tax rates, which can differ significantly within a state. This variation occurs because each county annually estimates its required budget to fund services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is the core of the annual process.

In Diamond, located in Grundy County, Illinois, the effective property tax rate is 1.95%. This rate is notably higher than the national median property tax rate of 1.02%. Comparing Diamond's tax rate to other cities in Illinois, it aligns with the state's highest and lowest median tax rates, both recorded at 1.95% in the same zip code. This suggests a uniformity in tax rates within the area, contrasting with the broader range seen across the country. Understanding these differences can help property owners in Diamond make informed decisions about their property tax appeals and exemptions.

Property Tax Rates Across Diamond, Grundy County, Illinois

Source: Ownwell

1.70%

2.45%

3.20%

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 Diamond Taxx Rate

1.95%

Median Effective Grundy County Taxx Rate

2.61%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Diamond, Grundy County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60416	1.89%	1.89%	1.95%	1.95%	2.04%

Source: Ownwell

Property Tax Assessment Values Across Diamond, Grundy County, Illinois

When examining property taxes in Diamond, 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 Grundy County Assessor's Office 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 Grundy County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Diamond. For example, the median home price in Diamond is $156,978, with tax bills ranging significantly across the county. Zip code 60416 has the highest median home price at $156,978.

Property Tax Assessment Values Across Diamond, Grundy County, Illinois

Source: Ownwell

$52,952

$138,277

$223,602

Median Diamond Market Value

$156,978

Median Grundy County Market Value

$145,632

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Diamond, Grundy County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60416	$46,433	$125,458	$156,978	$252,340	$388,577

Source: Ownwell

Property Tax Bills Across Diamond, Grundy County, Illinois

In Diamond, located in Grundy County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the home's market value. The tax rate is then applied to the assessed value to determine the final tax bill. With a median home price of $156,978, homeowners in Diamond face property tax bills that can vary significantly. For instance, the 25th percentile tax bill is $2,520, while the 75th percentile reaches $5,041, and the 90th percentile soars to $7,622. The median property tax bill in Diamond stands at $3,057, which is above the national median of $2,400, indicating a higher tax burden for homeowners. Ownwell can help homeowners in Diamond by providing expert property tax appeal services. By analyzing property assessments and ensuring fair valuations, Ownwell assists homeowners in potentially reducing their tax bills, ensuring they pay only what is necessary and saving them money.

Property Tax Bills Across Diamond, Grundy County, Illinois

Source: Ownwell

$1,077

$3,591

$6,104

Median Diamond Tax Bill

$3,057

Median Grundy County Tax Bill

$3,869

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Diamond, Grundy County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60416	$897	$2,520	$3,057	$5,041	$7,622

Source: Ownwell