Granite City, Madison County, Illinois Property Taxes
Property Taxes in Granite City, Illinois
Median Granite City, Illinois effective property tax rate: 2.19%, significantly higher than the national median of 1.02%, and lower than the Illinois state median of 2.33%.
Median Granite City, Illinois home value: $97,020
Median annual Granite City, Illinois tax bill: $2,042, $358 lower than the national median property tax bill of $2,400.
How are property taxes in Madison calculated?
Property taxes in Granite City, Illinois 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 Granite City's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Granite City, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Granite City, Madison County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.19%
Estimate Property Tax Bill
$2,125
$1,972
How Does the Granite City Property Tax Calculator Work?
Use this Granite City property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Granite City's median effective tax rate of 2.19% — based on actual property records in Madison County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Granite City's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Granite City: rates range from 2.19% in 62040 to 2.19% in 62040, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Granite City.
About Granite City Property Taxes
About Property Taxes in Granite City, Madison, Illinois
Granite City’s median effective property tax rate of 2.19% is lower than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the Madison County base levy combined with local school district levies and Special service areas (SSAs) that vary by subdivision throughout the city.
Property tax rates are not uniform across Granite City. Homeowners in the 62040 ZIP code carry a median effective rate of 2.19%, while those in the lowest ZIP also pay 2.19%. This spread reflects how school district boundaries and local assessment districts are drawn across Madison County. Understanding which part of Granite City you live in can make a meaningful difference to your annual tax bill.
Granite City homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Granite City, Madison County, Illinois
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Granite City’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
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 Granite City Tax Rate
2.19%
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 Madison County Tax Rate
2.11%
Median Effective Illinois Tax Rate
2.33%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Granite City, Madison County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62040 | 1.28% | 1.77% | 2.19% | 2.64% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Granite City, Madison County, Illinois
When examining property taxes in Granite City, Illinois, 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 Madison County assessment office 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.
Assessment notices:
In Madison County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.
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. For Granite City, the median home price is $97,020, and the median tax bill is $2,042. Tax bills range from $1,237 at the 25th percentile to $4,332 at the 90th percentile. The highest median home price is in 62040 at $97,020.
Property Tax Assessment Values Across Granite City, Madison County, Illinois
Source: Ownwell
$25,755
$170,746
$315,736
Median Granite City Market Value
$97,020
Median Madison County Market Value
$152,490
Median Illinois Market Value
$227,888
Median United States Market Value
$235,294
Property Tax Assessment Values Across Granite City, Madison County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62040 | $39,270 | $65,040 | $97,020 | $139,620 | $190,698 |
Source: Ownwell
Property Tax Bills Across Granite City, Madison County, Illinois
Granite City property tax bills are calculated by applying the local tax rate to a home’s assessed value, which is based on its market value. The assessed value is then used to determine how much tax a homeowner owes to the city, county, schools, and other local taxing bodies. Because tax bills are tied to assessed value, changes in the local real estate market can affect what homeowners pay from year to year.
In Granite City, the median home price is $97,020, and the median property tax bill is $2,042 in ZIP code 62040. That bill is below the national median property tax bill of $2,400, but it is still a significant annual expense for many homeowners. Bills can vary widely, with the 25th percentile at $1,237 and the 75th percentile at $3,074, which shows how much location and home value can influence the final amount.
Median Granite City Tax Bill
$2,042
Median Madison County Tax Bill
$3,074
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Granite City, Madison County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62040 | $649 | $1,237 | $2,042 | $3,074 | $4,332 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| Madison Tax Assessor | |
| Website | madisonil.devnetwedge.com |