Golconda, Illinois Property Taxes
The median property tax rate in Golconda, IL is 1.33%, which is considerably higher than the national median of 0.99% but lower than Illinois' state median of 2.35%. With a median home value in Golconda of $50,712, the typical annual property tax bill amounts to $582, well below the national median of $2,690. Property taxes in Golconda are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Golconda'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 Golconda or another part of the city, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Golconda, 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 Golconda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Golconda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Golconda 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 Golconda, Illinois
Property taxes in Golconda, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Golconda is 1.33%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Golconda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Golconda 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 Golconda's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62938 has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Golconda provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Golconda Tax Rate
1.33%
Average Hardin County Tax Rate
1.76%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Golconda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62938 | 0.44% | 0.93% | 1.33% | 1.76% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Golconda, Illinois
In Golconda, 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 local 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. Assessment notices in Golconda 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 Golconda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Golconda, the median home price is $50,712, with tax bills ranging from $208 at the 25th percentile to $1,366 at the 90th percentile. The highest median tax bill, $582, is found in zip code 62938.
Average Golconda Assessed Value
$50,712
Average Hardin County Assessed Value
$33,028
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Golconda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62938 | $8,712 | $23,162 | $50,712 | $69,372 | $97,854 |
Source: Ownwell
Property Tax Bills Across Golconda, Illinois
In Golconda, IL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Homeowners in Hardin County, where Golconda is located, see a range of tax bills. For instance, the median home price is $50,712, and the tax bill for the 25th percentile is $208, while the 75th percentile sees a tax bill of $976. At the higher end, the 90th percentile tax bill reaches $1,366. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence these assessments. Compared to the national median property tax rate of 0.99%, Golconda's property taxes can be relatively modest, providing some relief to homeowners. However, the variability in tax bills means that individual circumstances can significantly affect the amount owed. Understanding these factors can help homeowners better anticipate their property tax obligations.
Average Golconda Tax Bill
$582
Average Hardin County Tax Bill
$437
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Golconda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62938 | $117 | $208 | $582 | $976 | $1,366 |
Source: Ownwell