East Galesburg, Illinois Property Taxes
The median property tax rate in East Galesburg, IL is 2.04%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in East Galesburg at $82,230, the typical annual property tax bill reaches $1,495, exceeding the national median of $2,690. Property taxes in East Galesburg 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 East Galesburg'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 East Galesburg 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
East Galesburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$1,677
$1,557
Ownwell’s East Galesburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Galesburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Galesburg 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 Knox County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across East Galesburg, Illinois
Property taxes in East Galesburg, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Galesburg is 2.04%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within East Galesburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Galesburg 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 East Galesburg's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61430 zip code has both the highest and lowest median property tax rate of 2.04%. Understanding how these cities compare with East Galesburg provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average East Galesburg Tax Rate
2.04%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Galesburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61430 | 1.08% | 1.59% | 2.04% | 2.38% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across East Galesburg, Illinois
In East Galesburg, 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 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 East Galesburg, 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 East Galesburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in East Galesburg is $82,230, with the 25th percentile tax bill at $801 and the 75th percentile tax bill at $2,608. The highest and lowest median tax bills are both $1,495 in the 61430 zip code.
Property Tax Assessment Values Across East Galesburg, Illinois
Source: Ownwell
$24,360
$1,314,377
$2,604,393
Average East Galesburg Assessed Value
$82,230
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across East Galesburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61430 | $30,840 | $44,250 | $82,230 | $134,040 | $288,174 |
Source: Ownwell
Property Tax Bills Across East Galesburg, Illinois
Property tax bills in East Galesburg, located in Knox County, IL, are determined based on the assessed value of a property, which is a percentage of its market value. Homeowners in this area see a range of tax bills, with the 25th percentile at $801 and the 75th percentile at $2,608. For those in the 90th percentile, tax bills can reach as high as $6,319. The median home price in East Galesburg is $82,230, which is significantly lower than the national average. Despite this, property taxes can still be a considerable expense for homeowners. The highest median tax bill reported in the area is $1,495. Various factors influence these tax bills, including the local tax rate, property assessments, and any applicable exemptions. Understanding how these elements interact can help homeowners better anticipate their annual tax obligations and potentially identify opportunities for tax relief. The effective management of property taxes is crucial, as it directly impacts home affordability and overall financial planning.
Average East Galesburg Tax Bill
$1,495
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across East Galesburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61430 | $387 | $801 | $1,495 | $2,608 | $6,319 |
Source: Ownwell