Galena, Illinois Property Taxes
The median property tax rate in Galena, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Galena, the typical annual property tax bill reaches $2,728, exceeding the national median of $2,690. Property taxes in Galena 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 Galena'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 Galena 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
Galena, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$2,716
$2,520
Ownwell’s Galena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galena 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 Galena, Illinois
Property taxes in Galena, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galena is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Galena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galena 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 Galena's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61036 zip code has both the highest and lowest median property tax rate of 2.26%. Understanding how these cities compare with Galena provides valuable insights into the varying tax landscape across Jo Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galena Tax Rate
2.26%
Average Jo Daviess County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61036 | 2.11% | 2.20% | 2.26% | 2.52% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Galena, Illinois
In Galena, 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 Jo Daviess 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 Galena, 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 Galena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the region are both $2,728, found in the 61036 zip code.
Average Galena Assessed Value
$120,165
Average Jo Daviess County Assessed Value
$98,005
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61036 | $39,192 | $86,244 | $120,165 | $210,952 | $293,510 |
Source: Ownwell
Property Tax Bills Across Galena, Illinois
In Galena, located in Jo Daviess County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and represents a percentage of the property's market value. For example, with a median home price of $120,165, the assessed value would be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Galena, property tax bills can vary significantly. For instance, homeowners in the 25th percentile pay around $1,958 annually, while those in the 75th percentile face bills of approximately $4,915. The top 10% of homeowners may see tax bills as high as $6,811. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Galena residents. While the median tax bill in Galena is $2,728, this figure is influenced by both the property values and the specific tax rate applied.
Average Galena Tax Bill
$2,728
Average Jo Daviess County Tax Bill
$2,492
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Galena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61036 | $1,042 | $1,958 | $2,728 | $4,915 | $6,811 |
Source: Ownwell