Grant Park, Kankakee County, Illinois Property Taxes

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

Median Grant Park, IL effective property tax rate: 2.64%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Grant Park, IL home value: $198,416
Median annual Grant Park, IL tax bill: $5,308, $2,908 higher than the national median property tax bill of $2,400.

How are property taxes in Kankakee calculated?

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

Last Updated March 1, 2025

Grant Park, Kankakee County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.64%

Estimate Property Tax Bill

$5,238

$4,861

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

Property Tax Rates Across Grant Park, Kankakee County, Illinois

Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total assessed value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Grant Park’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Grant Park, located in Kankakee County, stands out with its property tax rate of 2.64%. This is significantly higher than the national median property tax rate of 1.02%. Despite this, the property tax rates in Illinois can vary, with some areas having rates that are on par with Grant Park. Understanding these rates is crucial for property owners who want to manage their expenses effectively. By appealing your property taxes, you can potentially lower your tax burden and save money in the long run.

Property Tax Rates Across Grant Park, Kankakee County, Illinois

Source: Ownwell

2.56%

3.54%

4.53%

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 Grant Park Tax Rate

2.64%

Median Effective Kankakee County Tax Rate

3.07%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Grant Park, Kankakee County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60940	2.33%	2.49%	2.64%	2.88%	3.21%

Source: Ownwell

Property Tax Assessment Values Across Grant Park, Kankakee County, Illinois

When examining property taxes in Grant Park, IL, 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 Kankakee County appraisal district 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 Kankakee 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 Grant Park. For example, the median home price in Grant Park is $198,416, with tax bills ranging significantly across the county. 60940 has the highest median home price at $198,416.

Property Tax Assessment Values Across Grant Park, Kankakee County, Illinois

Source: Ownwell

$49,746

$124,081

$198,416

Median Grant Park Market Value

$198,416

Median Kankakee County Market Value

$137,616

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Grant Park, Kankakee County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60940	$47,406	$131,863	$198,416	$260,357	$324,887

Source: Ownwell

Property Tax Bills Across Grant Park, Kankakee County, Illinois

In Grant Park, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. The assessed value is a percentage of the market value of the property. Homeowners in Grant Park face a median property tax bill significantly higher than the national median, with the 25th percentile tax bill at $3,625 and the 75th percentile reaching $6,699. This disparity underscores the substantial burden property taxes can impose on homeowners. Factors influencing tax bills include the local tax rate and the assessed value of the property, which can fluctuate with changes in the real estate market. Ownwell can assist homeowners in Grant Park by providing expert property tax appeal services, potentially lowering their assessed value and resulting tax bill. By leveraging local expertise and data-driven insights, Ownwell helps homeowners identify discrepancies in their property assessments, ensuring they do not overpay on their property taxes.

Property Tax Bills Across Grant Park, Kankakee County, Illinois

Source: Ownwell

$1,473

$3,969

$6,465

Median Grant Park Tax Bill

$5,308

Median Kankakee County Tax Bill

$4,151

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Grant Park, Kankakee County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60940	$1,699	$3,625	$5,308	$6,699	$8,623

Source: Ownwell