Diamond, Illinois Property Taxes
The median property tax rate in Diamond, 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 Diamond at $156,978, the typical annual property tax bill reaches $3,057, exceeding the national median of $2,690. Property taxes in Diamond 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 Diamond'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 Diamond 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
Diamond, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$3,061
$2,991
Ownwell’s Diamond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Diamond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Diamond 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 Diamond, Illinois
Property taxes in Diamond, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Diamond is 1.95%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Diamond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Diamond 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 Diamond's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60416 zip code, which includes Diamond, has the highest median property tax rate of 1.95%, while the lowest median tax rate within the same zip code is also 1.95%. Understanding how these cities compare with Diamond provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Diamond Tax Rate
1.95%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Diamond, 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, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Diamond, Illinois. The market value represents 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 Grundy 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 Diamond, 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. The median home price in Diamond is $156,978, with tax bills ranging from $2,520 at the 25th percentile to $7,622 at the 90th percentile. The highest and lowest median tax bills in the area are both $3,057, found in the 60416 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Diamond Assessed Value
$156,978
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Diamond, 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, Illinois
In Diamond, a city in Grundy County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and is typically a percentage of the property's market value. Factors such as the property's location, size, and improvements can influence this assessed value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Diamond, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is around $2,520, while the 75th percentile reaches $5,041, and the 90th percentile soars to $7,622. These figures highlight the range of tax burdens that homeowners might face. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local rates. High property taxes can impact homeowners by increasing their annual expenses, potentially affecting their financial planning and overall cost of living.
Average Diamond Tax Bill
$3,057
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Diamond, 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