Galesburg, Illinois Property Taxes
The median property tax rate in Galesburg, IL is 2.56%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Galesburg, the typical annual property tax bill reaches $190, which is well below the national median of $2,690. Property taxes in Galesburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Galesburg'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 Galesburg 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
Galesburg, 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 Galesburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galesburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galesburg 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 Galesburg, Illinois
Property taxes in Galesburg, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galesburg is 2.56%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Galesburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galesburg 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 Galesburg's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61401 zip code has the highest median property tax rate of 2.56%, while the same zip code also has the lowest median tax rate of 2.56%. Understanding how these cities compare with Galesburg provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galesburg Tax Rate
2.56%
Average Warren County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galesburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61401 | 2.56% | 2.56% | 2.56% | 2.56% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Galesburg, Illinois
In Galesburg, 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 Warren County Assessment Office 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 Galesburg, 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 Galesburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Galesburg's 61401 zip code, the median tax bill is $190, reflecting the local property tax landscape.
Average Galesburg Assessed Value
$7,410
Average Warren County Assessed Value
$47,250
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galesburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61401 | $7,410 | $7,410 | $7,410 | $7,410 | $7,410 |
Source: Ownwell
Property Tax Bills Across Galesburg, Illinois
In Galesburg, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Homeowners in Galesburg, located in Warren County, face a median property tax rate of 0.99%, aligning with the national median. The tax bill itself is influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. In Galesburg, the median home price is remarkably low at $7,410, leading to a relatively modest tax bill. For instance, the tax bill at the 25th, 75th, and 90th percentiles all stand at $190, reflecting consistency across different property values within the area. For homeowners, this means that property taxes are relatively affordable, especially when compared to national averages. This affordability can significantly impact household budgets, making Galesburg an attractive place for those looking to minimize their property tax expenses.
Average Galesburg Tax Bill
$190
Average Warren County Tax Bill
$1,310
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Galesburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61401 | $190 | $190 | $190 | $190 | $190 |
Source: Ownwell