Gridley, Illinois Property Taxes
The median property tax rate in Gridley, IL is 3.14%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $162,879 in Gridley, the typical annual property tax bill reaches $5,182, far exceeding the national median of $2,690. Property taxes in Gridley are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Gridley'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 Gridley or another part of Livingston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gridley, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$5,114
$4,746
Ownwell’s Gridley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gridley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gridley 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 Gridley, Illinois
Property taxes in Gridley, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gridley is 3.14%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Gridley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gridley 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 Gridley's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61744 zip code has the highest median property tax rate of 3.14%, while the 61744 zip code also has the lowest median tax rate of 3.14%. Understanding how these cities compare with Gridley provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gridley Tax Rate
3.14%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gridley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61744 | 2.70% | 2.98% | 3.14% | 3.42% | 3.80% |
Source: Ownwell
Property Tax Assessment Values Across Gridley, Illinois
In Gridley, 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 local 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 Gridley, 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 Gridley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Gridley are both $5,182, found in the zip code 61744.
Average Gridley Assessed Value
$162,879
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gridley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61744 | $56,239 | $126,532 | $162,879 | $213,498 | $308,282 |
Source: Ownwell
Property Tax Bills Across Gridley, Illinois
In Gridley, Livingston County, IL, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Gridley stands at $162,879. Local tax authorities apply the tax rate to the assessed value to calculate the annual property tax bill. Various factors, such as property improvements, neighborhood developments, and changes in market conditions, can influence the assessed value. For homeowners in Gridley, the property tax bill can vary significantly. At the 25th percentile, the tax bill is around $4,353, while at the 75th percentile, it rises to $7,153. For those at the 90th percentile, the bill can reach up to $10,936. This range shows how property taxes can impact homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, the tax rates in Gridley can lead to substantial annual expenses for homeowners, making it crucial for them to stay informed about their property assessments and potential exemptions.
Average Gridley Tax Bill
$5,182
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Gridley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61744 | $2,714 | $4,353 | $5,182 | $7,153 | $10,936 |
Source: Ownwell