Godley, Illinois Property Taxes
The median property tax rate in Godley, IL is 2.50%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Godley, the typical annual property tax bill reaches $82, which is significantly lower than the national median of $2,690. Property taxes in Godley 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 Godley'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 Godley 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
Godley, 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 Godley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Godley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Godley to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Godley, Illinois
Property taxes in Godley, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Godley is 2.50%, significantly higher than the U.S. national median of 0.99%. Local government entities within Godley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Godley 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 Godley's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60407 has the highest median property tax rate of 2.50%, while the same zip code also has the lowest median tax rate of 2.50%. Understanding how these figures compare with Godley provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Godley Tax Rate
2.50%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Godley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60407 | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Godley, Illinois
In Godley, 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 Grundy County Assessor 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 Godley, 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 Godley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Godley is $3,279, with tax bills for the 25th, 75th, and 90th percentiles all at $82.
Average Godley Assessed Value
$3,279
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Godley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60407 | $3,279 | $3,279 | $3,279 | $3,279 | $3,279 |
Source: Ownwell
Property Tax Bills Across Godley, Illinois
In Godley, located in Grundy County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value. For homeowners in Godley, the median property tax rate stands at 0.99%, aligning with the national median. This means that for a median home price of $3,279, the property tax bill can be expected to be around $82. Factors such as property improvements, market conditions, and local government budgets play significant roles in determining the final tax bill. Homeowners in Godley should be aware that their property taxes contribute to essential community services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners better anticipate their annual expenses and manage their finances accordingly.
Average Godley Tax Bill
$82
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Godley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60407 | $82 | $82 | $82 | $82 | $82 |
Source: Ownwell