Granite City, Madison County, Illinois Property Taxes

Name: Property Tax Bills Across Granite City, Madison County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Granite City, IL effective property tax rate: 2.40%, significantly higher than the national median of 1.02%, but slightly higher than the Illinois state median of 2.35%.
Median Granite City, IL home value: $79,129
Median annual Granite City, IL tax bill: $1,839, $561 lower than the national median property tax bill of $2,400.

How are property taxes in Madison County calculated?

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

Last Updated March 1, 2025

Granite City, Madison County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.4%

Estimate Property Tax Bill

$1,899

$1,762

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

Property Tax Rates Across Granite City, Madison 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 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 Granite City’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Granite City, located in Madison County, has a notably higher property tax rate compared to the national median. With a property tax rate of 2.40%, Granite City stands out against the national median property tax rate of 1.02%. This means that residents in Granite City pay a higher percentage of their property value in taxes compared to the average American homeowner. Understanding these rates can help homeowners make informed decisions about their property investments and potential savings through tax appeals or exemptions.

Property Tax Rates Across Granite City, Madison County, Illinois

Source: Ownwell

1.66%

3.31%

4.95%

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 Granite City Taxx Rate

2.40%

Median Effective Madison County Taxx Rate

2.17%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Granite City, Madison County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62040	1.31%	1.88%	2.40%	2.92%	3.33%

Source: Ownwell

Property Tax Assessment Values Across Granite City, Madison County, Illinois

When examining property taxes in Granite City, 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 Madison 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 Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 Granite City.

For example, the median home price in Granite City is $79,129, with tax bills ranging significantly across the county. 62040 has the highest median home price at $79,129.

Property Tax Assessment Values Across Granite City, Madison County, Illinois

Source: Ownwell

$19,910

$137,778

$255,646

Median Granite City Market Value

$79,129

Median Madison County Market Value

$128,259

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Granite City, Madison County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62040	$33,934	$53,874	$79,129	$113,056	$151,802

Source: Ownwell

Property Tax Bills Across Granite City, Madison County, Illinois

In Granite City, located in Madison County, IL, property tax bills are determined by assessing the property's market value and applying the local tax rate. With a median home price of $79,129, homeowners typically see tax bills that reflect the local tax rate. The median property tax bill in this area is $1,839, which is lower than the national median of $2,400, indicating a more affordable tax environment compared to many other regions. However, tax bills can vary significantly, ranging from the 25th percentile at $1,114 to the 90th percentile at $3,963, depending on specific property assessments and exemptions. These fluctuations can have a notable impact on homeowners' finances, making it crucial for them to ensure their property is fairly assessed. Ownwell assists homeowners by providing expert property tax appeal and exemption services. By analyzing property assessments and identifying potential savings, Ownwell helps homeowners reduce their tax burden, ensuring they pay only their fair share and potentially saving them significant amounts on their annual tax bills.

Property Tax Bills Across Granite City, Madison County, Illinois

Source: Ownwell

$614

$2,981

$5,348

Median Granite City Tax Bill

$1,839

Median Madison County Tax Bill

$2,705

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Granite City, Madison County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62040	$587	$1,114	$1,839	$2,798	$3,963

Source: Ownwell