Gibson City, Illinois Property Taxes
The median property tax rate in Gibson City, IL is 2.64%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $171,590 in Gibson City, the typical annual property tax bill reaches $4,428, surpassing the national median of $2,690. Property taxes in Gibson City are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gibson City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Gibson City or another part of McLean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gibson City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.64%
Estimate Property Tax Bill
$4,530
$4,204
Ownwell’s Gibson City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibson City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibson 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 Gibson City, Illinois
Property taxes in Gibson City, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibson City is 2.64%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Gibson City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibson 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. Understanding how these cities compare with Gibson City provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gibson City Tax Rate
2.64%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gibson City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60936 | 2.44% | 2.57% | 2.64% | 2.87% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Gibson City, Illinois
In Gibson 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 McLean County 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 Gibson 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. Being aware of these valuation processes in Gibson City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Gibson City is $4428 in the 60936 zip code, while the lowest median tax bill is also $4428 in the same zip code.
Average Gibson City Assessed Value
$171,590
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gibson City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60936 | $96,624 | $120,706 | $171,590 | $180,194 | $244,924 |
Source: Ownwell
Property Tax Bills Across Gibson City, Illinois
In Gibson City, located in McLean County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The local tax rate is applied to this assessed value to determine the tax bill. Factors such as local government budgets, school funding, and public services influence the tax rate. For homeowners in Gibson City, the median home price is $171,590. Property tax bills can vary significantly, with the 25th percentile tax bill at $3,061 and the 75th percentile tax bill reaching $4,971. The 90th percentile tax bill can go as high as $6,537. These figures are notably higher than the national median property tax rate of 0.99%, indicating a relatively higher tax burden for residents. This higher property tax rate can impact homeowners by increasing their annual housing costs, potentially affecting affordability and homeownership rates. Understanding these factors is crucial for residents as they budget for their yearly expenses and consider the long-term financial implications of owning property in Gibson City.
Average Gibson City Tax Bill
$4,428
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Gibson City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60936 | $2,698 | $3,061 | $4,428 | $4,971 | $6,537 |
Source: Ownwell