Grafton, Illinois Property Taxes
The median property tax rate in Grafton, IL is 2.22%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Grafton at $137,055, the typical annual property tax bill reaches $3,337, surpassing the national median of $2,690. Property taxes in Grafton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grafton'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 Grafton 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
Grafton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$3,043
$2,823
Ownwell’s Grafton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grafton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grafton 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 Grafton, Illinois
Property taxes in Grafton, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Grafton is 2.22%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Grafton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grafton 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 Grafton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62037 zip code has the highest median property tax rate of 2.22%, while the same zip code also has the lowest median tax rate of 2.22%. Understanding how these cities compare with Grafton provides valuable insights into the varying tax landscape across Jersey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grafton Tax Rate
2.22%
Average Jersey County Tax Rate
2.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grafton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62037 | 1.13% | 1.92% | 2.22% | 2.44% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Grafton, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Grafton, Illinois. 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 Jersey County Appraisal District 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 Grafton, 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. For instance, the zip code 62037 has the highest and lowest median tax bill of $3,337. 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 Grafton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grafton Assessed Value
$137,055
Average Jersey County Assessed Value
$130,268
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grafton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62037 | $26,250 | $62,591 | $137,055 | $200,662 | $343,365 |
Source: Ownwell
Property Tax Bills Across Grafton, Illinois
In Grafton, Jersey County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Factors such as property improvements, neighborhood trends, and comparable sales in the area can influence the assessed value. The local tax rate is applied to the assessed value to determine the annual property tax bill. In Grafton, the median home price is $137,055, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,166, while the 75th percentile tax bill is $4,738. At the 90th percentile, homeowners may face a tax bill as high as $7,884. These property taxes fund essential local services such as public schools, infrastructure, and emergency services. Homeowners in Grafton need to be aware of these factors as they can significantly impact their annual financial obligations. Understanding how property tax bills are calculated can help homeowners better manage their budgets and plan for future expenses.
Average Grafton Tax Bill
$3,337
Average Jersey County Tax Bill
$2,776
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Grafton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62037 | $378 | $1,166 | $3,337 | $4,738 | $7,884 |
Source: Ownwell