Average Tax Assessment in Grundy County
Real Estate Values and Property Tax Valuation in Grundy County, Illinois
Grundy County has a total of 3,812 properties with a cumulative value of $582.3M. This accounts for 0.08% of all real estate value in Illinois. Property taxes in Grundy County totaled $15.1M, with an average homeowner paying $3,968 in property taxes compared to the state average of $5,405. The average property tax rate in Grundy County is 2.60%, higher than the state average of 2.47%. Property taxes are based on the assessed value of the property, which is typically lower than the market value.
In Illinois, property taxes are based on the value of the property as of January 1st. Property owners have the option to appeal their property taxes between June and December, or within 30 days of when the notices are published. Property tax bills are issued on February 1st and July 1st, with the first installment due on June 1st in Cook County. This first installment is estimated at 55% of the prior year's tax bill, with taxes paid in arrears.
Updated November 01, 2023
| Important Links | |
|---|---|
| Grundy Assessor | (815) 941-3269 |
| Grundy Assessor | (931) 692-3596 |
| Grundy Treasurer | (660) 359-4040 3 |
| Grundy Treasurer | (319) 824-3108 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Tax Appeal Deadline: | June - December or 30 days after notices are published |
| Property Tax Bills Issued: | February 1st and July 1st |
| Real Property Tax Bill Due (1st of #): | June, Two installments but due dates may vary by county March 1st, Cook County - 1st half installment, estimated at 55% of prior year tax bill with taxes paid in arrears. |
| Real Property Tax Bill Due (2nd of #): | September, Two installments but due dates may vary by county August 1, Cook County - 2nd half installment - TARGETED but may be delayed - due 30 days after being issued. Reconciled installment using the BOR certified AV, actual local tax rate, and final state equalization factor, less the estimated 1st installment with taxes paid in arrears |
| Available Exemptions | |
|---|---|
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Grundy County
Residential Property Taxes by Cities in Grundy County
Grundy County has an average property tax rate of 2.60%, which is slightly lower than the average rate for the state of Illinois. This rate is applied to all properties in the county, regardless of location. However, there is some variation in the effective property tax rate across the cities in Grundy County. The city of Minooka has the highest effective property tax rate at 2.85%, while the city of Coal City has the lowest effective property tax rate at 2.29%. This means that property owners in Minooka will pay more in property taxes than those in Coal City.
Overall, Grundy County has a relatively low property tax rate compared to other counties in the state. However, it is important to note that the effective property tax rate can vary significantly across the cities in the county. Property owners should be aware of the differences in rates when considering where to purchase a home or other property.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Grundy County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Grundy County.
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
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Real Estate Values in Grundy County
The median home price in Grundy County, Illinois has increased by 10.05% from October 2022 to October 2023, from $209.0K to $230.0K. This is indicative of a strong housing market in the area. At the same time, the home inventory in Grundy County has decreased from 170 in October 2022 to 155 in October 2023, suggesting that demand for housing is outpacing supply. This could be driving up prices in the area.
Average Home Value in Grundy County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Grundy County
Last updated: November 2023
Percent Change in New Home Listings in Grundy County
Last updated: November 2023
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Mortgage Rates in Grundy County
Grundy County has a total of $103.5 million in outstanding home mortgage loans. This represents 473 individual loans, which is a significant amount of money for a county of its size. The median mortgage rate in Grundy County is 3.62%, which is slightly lower than the national average of 3.75%. However, there is a significant variation in rates across the county, with Coal City having the highest median mortgage rate of 3.69% and Mazon having the lowest median mortgage rate of 3.52%. This variation in rates can be attributed to the different economic conditions in each city.
Overall, the total outstanding loan amount in Grundy County is a significant percentage of the total home value in the county. This indicates that homeowners in the county are taking advantage of the relatively low mortgage rates to purchase or refinance their homes. The variation in rates across the county also suggests that homeowners should shop around to find the best rate for their particular situation.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Grundy County by city.
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Grundy County.
Housing Expenses in Grundy County, Illinois
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