Galatia, Illinois Property Taxes
The median property tax rate in Galatia, IL is 2.03%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Galatia, the typical annual property tax bill reaches $2,278, which is below the national median of $2,690. Property taxes in Galatia 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 Galatia'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 Galatia or another part of Hamilton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Galatia, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$2,276
$2,224
Ownwell’s Galatia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galatia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galatia 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 Galatia, Illinois
Property taxes in Galatia, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galatia is 2.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Galatia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galatia 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 Galatia's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62935 has both the highest and lowest median property tax rate of 2.03%. Understanding how these cities compare with Galatia provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galatia Tax Rate
2.03%
Average Hamilton County Tax Rate
1.77%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galatia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62935 | 1.17% | 1.66% | 2.03% | 2.30% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Galatia, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Galatia. 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 Hamilton 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 Galatia, 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. The median home price in Galatia is $112,122, with tax bills ranging widely. For instance, the 25th percentile tax bill is $826, while the 75th percentile tax bill is $3,104, and the 90th percentile reaches $3,759. 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 Galatia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Galatia Assessed Value
$112,122
Average Hamilton County Assessed Value
$61,740
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galatia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62935 | $30,142 | $66,254 | $112,122 | $165,596 | $188,109 |
Source: Ownwell
Property Tax Bills Across Galatia, Illinois
In Galatia, within Hamilton County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the property's market value. Local tax authorities determine this assessed value and apply the relevant tax rate to calculate the annual tax bill. For example, the median home price in Galatia is $112,122. Homeowners in the 25th percentile can expect a tax bill of around $826, while those in the 75th percentile might see a tax bill as high as $3,104. At the 90th percentile, the tax bill can reach up to $3,759. These property taxes fund essential public services such as schools, police, and fire departments, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, homeowners in Galatia experience varying tax burdens depending on their property's assessed value. Understanding these factors can help homeowners anticipate their financial obligations and the benefits their taxes provide to the local community.
Average Galatia Tax Bill
$2,278
Average Hamilton County Tax Bill
$1,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Galatia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62935 | $344 | $826 | $2,278 | $3,104 | $3,759 |
Source: Ownwell