Grantsburg, Illinois Property Taxes
The median property tax rate in Grantsburg, IL is 2.06%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Grantsburg, the typical annual property tax bill reaches $1,354, exceeding the national median of $2,690. Property taxes in Grantsburg 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 Grantsburg'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 Grantsburg 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
Grantsburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.06%
Estimate Property Tax Bill
$1,608
$1,492
Ownwell’s Grantsburg Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Grantsburg to provide an estimate of your property tax bill. This valuable tool offers insights into potential tax liabilities, helping you plan better financially. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Johnson County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Grantsburg, Illinois
Property taxes in Grantsburg, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Grantsburg is 2.06%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Grantsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grantsburg 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 Grantsburg's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62943 zip code has the highest median property tax rate of 2.06%, while the 62943 zip code also has the lowest median tax rate of 2.06%. Understanding how these cities compare with Grantsburg provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grantsburg Tax Rate
2.06%
Average Johnson County Tax Rate
2.14%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grantsburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62943 | 0.61% | 1.44% | 2.06% | 2.50% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across Grantsburg, Illinois
In Grantsburg, 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 Johnson County Assessor's 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 Grantsburg, 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. Being aware of these valuation processes in Grantsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grantsburg is $78,040. The zip code 62943 has the highest median tax bill at $1,354, while the lowest median tax bill is also $1,354.
Average Grantsburg Assessed Value
$78,040
Average Johnson County Assessed Value
$71,244
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grantsburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62943 | $12,829 | $27,354 | $78,040 | $127,389 | $160,439 |
Source: Ownwell
Property Tax Bills Across Grantsburg, Illinois
In Grantsburg, located in Johnson County, IL, property tax bills are calculated based on the assessed value of a property and the applicable tax rate. The assessed value typically represents a percentage of the home's market value, which is determined by the local assessor's office. For instance, with a median home price of $78,040, the assessed value will be a fraction of this amount. The tax rate is then applied to this assessed value to determine the annual property tax bill. Homeowners in Grantsburg can expect varying tax bills depending on their property's assessed value. The 25th percentile of tax bills is $376, indicating lower-end properties, while the 75th percentile reaches $2,298, and the 90th percentile climbs to $3,433, reflecting higher-value properties. Compared to the national median property tax rate of 0.99%, these figures illustrate how local rates and property values influence the financial burden on homeowners. Understanding these factors helps residents anticipate their annual tax obligations and plan accordingly.
Average Grantsburg Tax Bill
$1,354
Average Johnson County Tax Bill
$1,237
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Grantsburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62943 | $127 | $376 | $1,354 | $2,298 | $3,433 |
Source: Ownwell