Golden, Illinois Property Taxes
The median property tax rate in Golden, Illinois is 2.00%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Golden, the typical annual property tax bill reaches $2,578, which is slightly below the national median of $2,690. Property taxes in Golden 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 Golden'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 Golden or another part of Adams County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Golden, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$2,557
$2,498
Ownwell’s Golden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Golden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Golden 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, Illinois
Property taxes in Golden, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Golden is 2.00%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Golden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Golden 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's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62339 zip code has both the highest and lowest median property tax rate of 2.00%. Understanding how these cities compare with Golden provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Golden Tax Rate
2.00%
Average Adams County Tax Rate
2.23%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Golden, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62339 | 1.94% | 1.96% | 2.00% | 2.01% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Golden, Illinois
In Golden, 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 Adams 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 Golden, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Golden is $2,578 in the 62339 zip code, which also has the lowest median tax bill at $2,578.
Average Golden Assessed Value
$127,845
Average Adams County Assessed Value
$88,290
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Golden, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62339 | $65,070 | $85,995 | $127,845 | $175,852 | $207,861 |
Source: Ownwell
Property Tax Bills Across Golden, Illinois
Property tax bills in Golden, Adams County, IL, are determined based on the assessed value of a property, which is a percentage of its market value. Local tax authorities then apply the tax rate to this assessed value. In Golden, the median home price is $127,845. Homeowners can expect their tax bills to vary significantly; the 25th percentile tax bill is $1,736, while the 75th percentile reaches $3,482, and the 90th percentile can go as high as $4,029. These variations are influenced by factors such as property location, size, and improvements. Compared to the national median property tax rate of 0.99%, Golden's property tax bills reflect a range that can impact homeowners differently. Higher tax bills can affect affordability and the overall cost of homeownership, while lower bills may provide some financial relief. Understanding these factors helps homeowners plan better and manage their property-related expenses more effectively.
Average Golden Tax Bill
$2,578
Average Adams County Tax Bill
$1,937
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Golden, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62339 | $1,302 | $1,736 | $2,578 | $3,482 | $4,029 |
Source: Ownwell