Golden Gate, Illinois Property Taxes
The median property tax rate in Golden Gate, IL is 1.68%, which is significantly higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $15,062, the typical annual property tax bill in Golden Gate amounts to $116, falling well below the national median of $2,690. Property taxes in Golden Gate are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Golden Gate's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Golden Gate or another part of the city, getting to know the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Golden Gate, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$253
$247
Ownwell’s Golden Gate Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Golden Gate with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Golden Gate 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 Golden Gate, Illinois
Property taxes in Golden Gate, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Golden Gate is 1.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Golden Gate set these rates annually, and they can vary significantly across different neighborhoods. Each year, Golden Gate 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 Golden Gate's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62843 zip code has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Golden Gate provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Golden Gate Tax Rate
1.68%
Average Wayne County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Golden Gate, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62843 | 0.40% | 0.71% | 1.68% | 2.51% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Golden Gate, Illinois
In Golden Gate, 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 Wayne 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. 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 Golden Gate helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 62843 has the highest and lowest median tax bill at $116.
Average Golden Gate Assessed Value
$15,062
Average Wayne County Assessed Value
$66,714
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Golden Gate, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62843 | $4,965 | $6,392 | $15,062 | $28,780 | $46,442 |
Source: Ownwell
Property Tax Bills Across Golden Gate, Illinois
In Golden Gate, located in Wayne County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and typically represents a percentage of the property's market value. Homeowners in Golden Gate experience varying tax bills, with the 25th percentile paying around $79 and those in the 75th percentile paying approximately $155. For those in the 90th percentile, tax bills can reach up to $790. These tax bills are influenced by several factors, including the property's assessed value and the local tax rate. The median home price in Golden Gate is $15,062, which significantly impacts the overall tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Golden Gate might find their tax rates relatively manageable. However, even within this small community, there is considerable variation, with the highest and lowest median tax bills both recorded at $116 in the 62843 zip code. This variability highlights the importance of understanding local assessments and tax rates for homeowners in Golden Gate.
Average Golden Gate Tax Bill
$116
Average Wayne County Tax Bill
$1,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Golden Gate, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62843 | $68 | $79 | $116 | $155 | $790 |
Source: Ownwell