Galva, Illinois Property Taxes
The median property tax rate in Galva, IL is 2.44%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Galva at $70,803, the typical annual property tax bill reaches $1,661, exceeding the national median of $2,690. Property taxes in Galva 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 Galva'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 Galva 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
Galva, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$1,728
$1,688
Ownwell’s Galva Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Galva with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Galva to estimate your property tax bill. This valuable tool allows you to understand potential tax liabilities better. For those interested in neighborhood-level trends, scrolling down will provide more localized information. Your property’s assessed value is the value assigned by Henry County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Galva, Illinois
Property taxes in Galva, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galva is 2.44%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Galva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galva 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 Galva's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61434 has the highest median property tax rate of 2.44%, while the same zip code also has the lowest median tax rate of 2.44%. Understanding how these cities compare with Galva provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galva Tax Rate
2.44%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galva, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61434 | 1.47% | 2.03% | 2.44% | 3.04% | 3.42% |
Source: Ownwell
Property Tax Assessment Values Across Galva, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Galva, 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 Henry 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 Galva, 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 Galva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Galva is $70,803, with the highest and lowest median tax bills both at $1,661 in the 61434 zip code.
Average Galva Assessed Value
$70,803
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galva, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61434 | $30,509 | $48,807 | $70,803 | $105,927 | $169,091 |
Source: Ownwell
Property Tax Bills Across Galva, Illinois
In Galva, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence this calculation, including property size, location, and any improvements made to the property. For homeowners in Galva, the median home price is $70,803, and the median property tax bill stands at $1,661, which is higher than the national median property tax rate of 0.99%. Property taxes can vary significantly within Galva. For instance, the tax bill at the 25th percentile is $1,051, while those at the 75th and 90th percentiles are $2,686 and $4,408, respectively. This variation highlights how different factors, such as property value and specific local tax rates, can impact the amount homeowners owe. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and manage their finances effectively.
Average Galva Tax Bill
$1,661
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Galva, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61434 | $576 | $1,051 | $1,661 | $2,686 | $4,408 |
Source: Ownwell