South Wilmington, Grundy County, Illinois Property Taxes
Median South Wilmington, IL effective property tax rate: 2.86%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median South Wilmington, IL home value: $80,480
Median annual South Wilmington, IL tax bill: $2,300, $100 lower than the national median property tax bill of $2,400.
How are property taxes in Grundy calculated?
Property taxes in South Wilmington, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding South Wilmington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in South Wilmington, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
South Wilmington, Grundy County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.86%
Estimate Property Tax Bill
$2,302
$2,136
Property Tax Rates Across South Wilmington, Grundy County, Illinois
Local government entities are responsible for setting tax rates, and these can vary significantly within a state. Annually, each county estimates its required budget to provide essential services. This budget is then divided by the total value of all taxable property within the county's jurisdiction, resulting in the property tax rate. While votes and laws play a role in determining tax rates and budgets, this annual process is fundamental to how property taxes are calculated.
In South Wilmington, located in Grundy County, the effective property tax rate is 2.86%. This rate is notably higher than the national median property tax rate of 1.02%, and it also surpasses the national median property tax bill of $2,400. When compared to other cities in Illinois, South Wilmington's tax rate is among the highest in the state. This difference highlights the importance of understanding local tax rates, as they can significantly impact property owners' financial responsibilities. By being informed about these rates, property owners can better manage their expenses and explore potential opportunities for tax appeals or exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective South Wilmington Tax Rate
2.86%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Grundy County Tax Rate
2.61%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across South Wilmington, Grundy County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60474 | 2.83% | 2.86% | 2.86% | 2.86% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across South Wilmington, Grundy County, Illinois
When examining property taxes in South Wilmington, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Grundy County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Grundy County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in South Wilmington. For example, the median home price in South Wilmington is $80,480, with tax bills ranging significantly across the county. Zip code 60474 has the highest median home price at $80,480.
Property Tax Assessment Values Across South Wilmington, Grundy County, Illinois
Source: Ownwell
$52,952
$138,277
$223,602
Median South Wilmington Market Value
$80,480
Median Grundy County Market Value
$145,632
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across South Wilmington, Grundy County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60474 | $21,741 | $37,754 | $80,480 | $113,175 | $156,965 |
Source: Ownwell
Property Tax Bills Across South Wilmington, Grundy County, Illinois
In South Wilmington, Grundy County, IL, property tax bills are determined by assessing the property's market value and applying the local tax rate. With a median home price of $80,480, homeowners face tax bills that can vary significantly. The 25th percentile tax bill is $1,079, while the 75th percentile reaches $3,235, and the 90th percentile goes up to $4,486. This variation reflects differences in property values and local tax rates. The median property tax bill in South Wilmington aligns closely with the national median of $2,400, offering a comparative perspective for homeowners.
Homeowners in South Wilmington can benefit from understanding these factors and seeking ways to manage their tax liabilities. Ownwell provides valuable assistance by offering property tax appeal and exemption services, helping homeowners potentially lower their tax bills. By analyzing property assessments and local tax regulations, Ownwell identifies opportunities for savings, ensuring homeowners only pay their fair share. This proactive approach not only alleviates financial burdens but also enhances property investment value in the long run.
Property Tax Bills Across South Wilmington, Grundy County, Illinois
Source: Ownwell
$1,077
$3,591
$6,104
Median South Wilmington Tax Bill
$2,300
Median Grundy County Tax Bill
$3,869
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across South Wilmington, Grundy County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60474 | $621 | $1,079 | $2,300 | $3,235 | $4,486 |
Source: Ownwell