Granite City, Illinois Property Taxes
The median property tax rate in Granite City, IL is 2.40%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Granite City at $79,129, the typical annual property tax bill reaches $1,839, surpassing the national median of $2,690. Property taxes in Granite City 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 Granite City'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 Granite City 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
Granite City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.4%
Estimate Property Tax Bill
$1,899
$1,856
Ownwell’s Granite City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Granite City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Granite City 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 Granite City, Illinois
Property taxes in Granite City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Granite City is 2.40%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Granite City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Granite City 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 Granite City's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62040 has the highest median property tax rate of 2.40%, while the same zip code also has the lowest median tax rate of 2.40%. Understanding how these cities compare with Granite City provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Granite City Tax Rate
2.40%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granite City, 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, Illinois
In Granite City, 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 Madison 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 Granite City, 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. The median home price in Granite City is $79,129, with tax bills ranging from $1,114 at the 25th percentile to $3,963 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Granite City Assessed Value
$79,129
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Granite City, 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, Illinois
In Granite City, Madison County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the final tax bill. Factors such as the property's location, size, and any applicable exemptions can influence the assessed value. Homeowners in Granite City face varying tax bills, with the 25th percentile at $1,114 and the 75th percentile at $2,798. The highest median tax bill in the area is $1,839, which is considerably higher than the national median property tax rate of 0.99%. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Granite City Tax Bill
$1,839
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Granite City, 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