Gorham, Illinois Property Taxes
The median property tax rate in Gorham, IL is 1.97%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Gorham, the typical annual property tax bill reaches $625, which is significantly lower than the national median of $2,690. Property taxes in Gorham 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 Gorham'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 Gorham 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
Gorham, 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 Gorham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gorham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gorham 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 Gorham, Illinois
Property taxes in Gorham, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Gorham is 1.97%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Gorham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gorham 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 Gorham's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62940 zip code has the highest median property tax rate of 1.97%, while the same zip code also has the lowest median tax rate of 1.97%. Understanding how these cities compare with Gorham provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gorham Tax Rate
1.97%
Average Jackson County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gorham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62940 | 0.61% | 1.33% | 1.97% | 2.97% | 3.37% |
Source: Ownwell
Property Tax Assessment Values Across Gorham, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gorham, Illinois. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Jackson 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 Gorham, 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 Gorham is $31,563, with the 25th percentile tax bill at $263 and the 75th percentile tax bill at $1,310. The highest median tax bill in the area is $625, found in the 62940 zip code. By understanding these valuation processes, 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 Gorham Assessed Value
$31,563
Average Jackson County Assessed Value
$84,759
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gorham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62940 | $10,688 | $19,603 | $31,563 | $62,861 | $111,620 |
Source: Ownwell
Property Tax Bills Across Gorham, Illinois
In Gorham, located in Jackson County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $31,563, the tax bill can vary significantly depending on the exact assessed value and applicable tax rate. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Gorham may see tax bills ranging from $263 at the 25th percentile to $1,310 at the 75th percentile, with some reaching as high as $2,721 at the 90th percentile. These variations highlight the importance of understanding local tax rates and assessment practices. Compared to the national median property tax rate of 0.99%, Gorham's rates can be considered within a similar range, although individual circumstances can lead to higher or lower bills. This variability underscores how crucial it is for homeowners to stay informed about their property assessments and local tax regulations.
Average Gorham Tax Bill
$625
Average Jackson County Tax Bill
$2,391
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Gorham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62940 | $109 | $263 | $625 | $1,310 | $2,721 |
Source: Ownwell