Garrett, Illinois Property Taxes
The median property tax rate in Garrett, IL is 3.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Garrett, the typical annual property tax bill reaches $227, which is significantly lower than the national median of $2,690. Property taxes in Garrett 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 Garrett'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 Garrett 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
Garrett, 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 Garrett Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Garrett. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Garrett to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in more detailed insights, including neighborhood-level trends, additional localized information is available. Your property’s assessed value, determined by the county, forms the basis for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Garrett, Illinois
Property taxes in Garrett, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garrett is 3.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Garrett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garrett 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 Garrett's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61913 zip code has the highest median property tax rate of 3.32%, while the same 61913 zip code also has the lowest median tax rate of 3.32%. Understanding how these cities compare with Garrett provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garrett Tax Rate
3.32%
Average Douglas County Tax Rate
2.16%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garrett, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61913 | 3.32% | 3.32% | 3.32% | 3.32% | 3.33% |
Source: Ownwell
Property Tax Assessment Values Across Garrett, Illinois
In Garrett, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Douglas 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 Garrett, 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 Garrett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills in Garrett is 61913, with a median tax bill of $227.
Average Garrett Assessed Value
$6,836
Average Douglas County Assessed Value
$101,652
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garrett, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61913 | $6,822 | $6,827 | $6,836 | $6,844 | $6,849 |
Source: Ownwell
Property Tax Bills Across Garrett, Illinois
Property tax bills in Garrett, located in Douglas County, IL, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Garrett is $6,836, and the median property tax rate in Illinois is slightly higher than the national median of 0.99%. In Garrett, the tax bills range from $227 at the 25th percentile to $228 at the 90th percentile, indicating a relatively narrow range in tax obligations for homeowners. Several factors influence the property tax bill, including the assessed value of the home, local tax rates, and any applicable exemptions. For example, a home with a higher assessed value will naturally incur a higher tax bill. These property taxes are essential for funding local services such as schools, public safety, and infrastructure maintenance. For homeowners, understanding how these factors interact can help in planning and budgeting for annual expenses, ensuring they are prepared for their financial obligations.
Average Garrett Tax Bill
$227
Average Douglas County Tax Bill
$2,157
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Garrett, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61913 | $227 | $227 | $227 | $228 | $228 |
Source: Ownwell