Golconda, Illinois Property Taxes
The median property tax rate in Golconda, IL is 2.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Golconda at $106,781, the typical annual property tax bill reaches $1,566, which is below the national median of $2,690. Property taxes in Golconda are calculated based on the assessed value, which typically falls below the market value due to various 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 Massac County, understanding the local property tax system will benefit 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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Golconda is 2.07%, 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 62938 zip code has the highest median property tax rate of 2.07%, while the same zip code also has the lowest median tax rate of 2.07%. Understanding how these cities compare with Golconda provides valuable insights into the varying tax landscape across Massac County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Golconda Tax Rate
2.07%
Average Massac County Tax Rate
2.51%
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 | 0.94% | 1.36% | 2.07% | 2.52% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Golconda, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Golconda, Illinois. 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. In Golconda, 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 Golconda is $106,781, with tax bills ranging from $891 at the 25th percentile to $4,632 at the 90th percentile. The highest median tax bill of $1,566 is found in the 62938 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Golconda Assessed Value
$106,781
Average Massac County Assessed Value
$60,801
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 | $50,744 | $69,570 | $106,781 | $154,868 | $186,877 |
Source: Ownwell
Property Tax Bills Across Golconda, Illinois
Property tax bills in Golconda, IL, are calculated based on the assessed value of a property, which is a percentage of its market value. Local tax authorities determine this assessed value, and then a tax rate is applied. This rate can vary but is influenced by local government budgets, school funding, and other municipal needs. For homeowners in Golconda, the median home price is $106,781. Property tax bills in this area can range significantly. At the 25th percentile, tax bills are around $891, while at the 75th percentile, they can reach up to $3,633. For those at the 90th percentile, the tax bill can be as high as $4,632. This variability impacts homeowners differently based on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Golconda's property tax rates can be relatively high, which can significantly affect homeowners' annual expenses. Understanding these factors is crucial for homeowners to manage their budgets effectively.
Average Golconda Tax Bill
$1,566
Average Massac County Tax Bill
$1,443
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 | $629 | $891 | $1,566 | $3,633 | $4,632 |
Source: Ownwell