Grand Tower, Illinois Property Taxes
The median property tax rate in Grand Tower, IL is 1.94%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Grand Tower at $29,472, the typical annual property tax bill reaches $518, which is significantly lower than the national median of $2,690. Property taxes in Grand Tower 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 Grand Tower'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 Grand Tower 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
Grand Tower, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$572
$531
Ownwell’s Grand Tower Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Tower with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Tower 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 Grand Tower, Illinois
Property taxes in Grand Tower, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Tower is 1.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Grand Tower set these rates annually, and they can vary notably across different neighborhoods. Each year, Grand Tower 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 Grand Tower's effective property tax rate to other counties in Illinois and the national median. For comparison, the ZIP code 62942 has both the highest and lowest median property tax rate of 1.94%. Understanding how these areas compare with Grand Tower provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Tower Tax Rate
1.94%
Average Jackson County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Tower, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62942 | 0.18% | 1.05% | 1.94% | 3.47% | 3.54% |
Source: Ownwell
Property Tax Assessment Values Across Grand Tower, Illinois
In Grand Tower, 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 Jackson 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 Grand Tower, 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 Grand Tower is $29,472, with tax bills ranging from $227 at the 25th percentile to $1,599 at the 90th percentile. The zip code 62942 has both the highest and lowest median tax bill at $518. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grand Tower Assessed Value
$29,472
Average Jackson County Assessed Value
$84,759
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Tower, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62942 | $11,782 | $18,730 | $29,472 | $41,368 | $60,537 |
Source: Ownwell
Property Tax Bills Across Grand Tower, Illinois
In Grand Tower, Illinois, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The median home price in Grand Tower is $29,472. Local tax rates are then applied to this assessed value to calculate the final tax bill. For instance, the median property tax rate in the area is 1.76%, higher than the national median of 0.99%. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Grand Tower can expect a wide range in their tax bills. At the 25th percentile, the tax bill is $227, while the 75th percentile sees bills around $880. For those at the 90th percentile, the tax bill can reach up to $1,599. The highest and lowest median tax bills in the city are both $518, indicating some consistency in certain areas. This variation significantly impacts homeowners' budgets and the affordability of living in the region.
Average Grand Tower Tax Bill
$518
Average Jackson County Tax Bill
$2,391
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Tower, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62942 | $21 | $227 | $518 | $880 | $1,599 |
Source: Ownwell