Griggsville, Illinois Property Taxes
The median property tax rate in Griggsville, IL is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Griggsville at $74,700, the typical annual property tax bill reaches $1,663, exceeding the national median of $2,690. Property taxes in Griggsville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Griggsville'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 Griggsville 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
Griggsville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$1,718
$1,594
Ownwell’s Griggsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Griggsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Griggsville 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 Griggsville, Illinois
Property taxes in Griggsville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Griggsville is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Griggsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Griggsville 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 Griggsville's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62340 has the highest median property tax rate of 2.30%, while the same zip code also has the lowest median tax rate of 2.30%. Understanding how these figures compare with Griggsville provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Griggsville Tax Rate
2.30%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Griggsville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62340 | 1.29% | 1.77% | 2.30% | 2.67% | 3.13% |
Source: Ownwell
Property Tax Assessment Values Across Griggsville, Illinois
In Griggsville, Illinois, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Pike County Assessment Office for tax purposes. On the other hand, 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 Griggsville, 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. For instance, the median home price in Griggsville is $74,700, with tax bills ranging widely. The 25th percentile tax bill is $910, while the 75th percentile reaches $2,863, and the 90th percentile can go up to $4,550. The zip code 62340 has the highest and lowest median tax bill at $1,663. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities to protest assessments or apply for exemptions, effectively managing their tax burden.
Average Griggsville Assessed Value
$74,700
Average Pike County Assessed Value
$72,180
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Griggsville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62340 | $24,750 | $44,190 | $74,700 | $119,820 | $192,144 |
Source: Ownwell
Property Tax Bills Across Griggsville, Illinois
In Griggsville, located in Pike County, IL, property tax bills are determined by assessing the property's value and applying the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $74,700, homeowners can expect their tax bills to vary significantly based on assessed value and applicable exemptions. The tax bill is influenced by factors such as property size, location, and any improvements made to the property. In Griggsville, the 25th percentile tax bill is around $910, while the 75th percentile reaches up to $2,863. At the 90th percentile, the tax bill can soar to $4,550, indicating a wide range of potential tax liabilities for homeowners. Compared to the national median property tax rate of 0.99%, these figures highlight the variability within the region. Homeowners in Griggsville must be prepared for differing tax obligations, which can significantly impact their annual financial planning.
Average Griggsville Tax Bill
$1,663
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Griggsville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62340 | $339 | $910 | $1,663 | $2,863 | $4,550 |
Source: Ownwell