60416 Property Tax Rate

Property owners in ZIP code 60416 (Coal City, Illinois) pay a median of $4,001/year in property taxes on homes valued at $222,900. This translates to an effective tax rate of 1.79%, which is 4% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 60416 is approximately $333, which factors into escrow payments on mortgages. This ZIP code is located within Grundy County. This is $500 more than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 60416 has higher property taxes. ZIP codes with similar effective rates include 62295 (1.79%) and 61925 (1.80%).

In Coal City, property taxes represent approximately 5.6% of the median household income of $71,865, providing context for the relative tax burden on homeowners in this area.

Illinois limits assessed value increases to 7% per year, but Grundy County reassesses properties to market value at sale. Grundy County's General Homestead Exemption ($10,000 off assessed value) should be filed with the Grundy County Assessor by the deadline on your assessment notice. Contact the Grundy County Assessor immediately after purchase to submit your exemption application and verify your base year assessment.