Germantown, Illinois Property Taxes
The median property tax rate in Germantown, IL is 2.05%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Germantown at $153,375, the typical annual property tax bill reaches $3,005, exceeding the national median of $2,690. Property taxes in Germantown 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 Germantown'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 Germantown 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
Germantown, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$3,144
$2,918
Ownwell’s Germantown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Germantown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Germantown 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 Germantown, Illinois
Property taxes in Germantown, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Germantown is 2.05%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Germantown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Germantown 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 Germantown's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62245 has both the highest and lowest median property tax rate of 2.05%. Understanding how these areas compare with Germantown provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Germantown Tax Rate
2.05%
Average Clinton County Tax Rate
2.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Germantown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62245 | 1.45% | 1.87% | 2.05% | 2.18% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Germantown, Illinois
In Germantown, 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 Clinton County Assessor 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 Germantown, 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 Germantown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3005 in the 62245 zip code, while the lowest median tax bill is also $3005 in the same zip code.
Average Germantown Assessed Value
$153,375
Average Clinton County Assessed Value
$140,970
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Germantown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62245 | $71,094 | $109,192 | $153,375 | $214,538 | $269,556 |
Source: Ownwell
Property Tax Bills Across Germantown, Illinois
In Germantown, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the Clinton County Assessor's Office. The assessed value typically represents a percentage of the property's market value. For example, if the median home price in Germantown is $153,375, the assessed value will be a fraction of this amount, depending on local assessment ratios. Several factors influence the final tax bill, including the local tax rate and any applicable exemptions. The median property tax rate in Germantown, IL, is higher than the national median of 0.99%. Homeowners in the 25th percentile can expect a tax bill around $1,937, while those in the 75th percentile might see bills as high as $4,506. For those in the 90th percentile, tax bills can reach up to $5,697. These property taxes fund essential community services such as schools, public safety, and infrastructure. While higher tax bills can be a financial burden, they also contribute to the overall quality of life in Germantown.
Average Germantown Tax Bill
$3,005
Average Clinton County Tax Bill
$2,760
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Germantown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62245 | $1,135 | $1,937 | $3,005 | $4,506 | $5,697 |
Source: Ownwell