Seneca, Grundy County, Illinois Property Taxes

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

Median Seneca, IL effective property tax rate: 2.33%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Seneca, IL home value: $216,086
Median annual Seneca, IL tax bill: $5,274, $2,874 higher than the national median property tax bill of $2,400.

How are property taxes in Grundy calculated?

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

Last Updated March 1, 2025

Seneca, Grundy County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.33%

Estimate Property Tax Bill

$5,035

$4,672

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

Property Tax Rates Across Seneca, Grundy County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws are involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Seneca in Grundy County, IL, has an effective property tax rate that stands out when compared to other cities in Illinois and the national median. With Illinois's median property tax rate significantly higher than the national median of 1.02%, residents in Seneca face a substantial property tax burden. This can be attributed to the local government's budgeting needs and the total assessed value of properties in the area. Understanding how these rates are determined can help property owners anticipate their tax responsibilities and explore opportunities for appeals or exemptions. By staying informed, property owners in Seneca can make strategic decisions to manage their property tax liabilities effectively.

Property Tax Rates Across Seneca, 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 Seneca Tax Rate

2.33%

Median Effective Grundy County Tax Rate

2.61%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Seneca, Grundy County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61360	1.95%	2.10%	2.33%	2.87%	3.15%

Source: Ownwell

Property Tax Assessment Values Across Seneca, Grundy County, Illinois

When examining property taxes in Seneca, Illinois, 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 April. 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 Seneca.

For example, the median home price in Seneca is $216,086, with tax bills ranging significantly across the county. Zip code 61360 has the highest median home price at $216,086.

Property Tax Assessment Values Across Seneca, Grundy County, Illinois

Source: Ownwell

$52,952

$138,277

$223,602

Median Seneca Market Value

$216,086

Median Grundy County Market Value

$145,632

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Seneca, Grundy County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61360	$31,708	$116,996	$216,086	$291,432	$323,041

Source: Ownwell

Property Tax Bills Across Seneca, Grundy County, Illinois

In Seneca, located in Grundy County, IL, property tax bills are determined by assessing the property's value and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Seneca face a median property tax bill of $5,274, significantly higher than the national median of $2,400. This higher tax rate can be a financial burden for homeowners, especially when considering the median home price of $216,086. Factors such as location, property size, and improvements can influence the assessed value and, consequently, the tax bill. Ownwell offers a solution by providing property tax appeal and exemption services, potentially lowering tax liabilities. By analyzing property assessments and identifying discrepancies, Ownwell can help homeowners in Seneca reduce their property tax bills, ensuring they only pay what is fair and equitable. This service can lead to substantial savings, easing the financial strain on homeowners.

Property Tax Bills Across Seneca, Grundy County, Illinois

Source: Ownwell

$1,077

$3,591

$6,104

Median Seneca Tax Bill

$5,274

Median Grundy County Tax Bill

$3,869

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Seneca, Grundy County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61360	$2,199	$3,185	$5,274	$7,324	$8,398

Source: Ownwell