Grantsburg, Illinois Property Taxes
The median property tax rate in Grantsburg, IL is 1.39%, considerably higher than the national median of 0.99% but significantly lower than the Illinois state median of 2.35%. With the median home value in Grantsburg at $87,426, the typical annual property tax bill reaches $997, which is well below the national median of $2,690. Property taxes in Grantsburg 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 Grantsburg'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 Grantsburg 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
Grantsburg, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Grantsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grantsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grantsburg 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 Grantsburg, Illinois
Property taxes in Grantsburg, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grantsburg is 1.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Grantsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grantsburg 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 Grantsburg's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62943 zip code has the highest median property tax rate of 1.39%, while the same zip code also has the lowest median tax rate of 1.39%. Understanding how these areas compare with Grantsburg provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grantsburg Tax Rate
1.39%
Average Pope County Tax Rate
1.65%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grantsburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62943 | 0.42% | 1.18% | 1.39% | 1.93% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Grantsburg, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Grantsburg, Illinois. 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 Pope 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 Grantsburg, 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 Grantsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grantsburg is $87,426, with the highest and lowest median tax bills both being $997 in the 62943 zip code.
Average Grantsburg Assessed Value
$87,426
Average Pope County Assessed Value
$84,555
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grantsburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62943 | $36,130 | $54,285 | $87,426 | $117,513 | $216,483 |
Source: Ownwell
Property Tax Bills Across Grantsburg, Illinois
In Grantsburg, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $87,426, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied by Pope County. Several factors influence the tax bill, including the property's location within the county, any applicable exemptions, and the specific tax rate determined by local taxing authorities. In Grantsburg, the 25th percentile tax bill is $643, while the 75th percentile reaches $1,628, and the 90th percentile can go up to $3,310. These figures indicate a range of potential tax burdens for homeowners, impacting their overall housing costs. Compared to the national median property tax rate of 0.99%, Grantsburg's tax rates can vary significantly, affecting how much homeowners ultimately pay each year. Understanding these factors helps homeowners anticipate and manage their property tax responsibilities more effectively.
Average Grantsburg Tax Bill
$997
Average Pope County Tax Bill
$1,262
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Grantsburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62943 | $518 | $643 | $997 | $1,628 | $3,310 |
Source: Ownwell