Galva, Illinois Property Taxes
The median property tax rate in Galva, 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 Galva at $141,990, the typical annual property tax bill reaches $2,689, slightly below the national median of $2,690. Property taxes in Galva 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 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
2.04%
Estimate Property Tax Bill
$2,897
$2,688
Ownwell’s Galva Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Galva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galva to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, offering peace of mind and financial clarity. For those interested in more detailed insights, you can explore trends on a neighborhood level by scrolling down for localized information. Your property’s assessed value, assigned by Knox County for tax calculations, includes any applicable exemptions, ensuring a precise estimation.
Property Tax Rates Across Galva, Illinois
Property taxes in Galva, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Galva is 2.04%, 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 2.04%, while the same zip code also has the lowest median tax rate of 2.04%. Understanding how these areas compare with Galva 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 Galva 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 Galva, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61434 | 0.26% | 0.29% | 2.04% | 2.59% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across Galva, Illinois
In Galva, 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 Knox 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 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. The median home price in Galva is $141,990, with annual tax bills ranging from $1,452 at the 25th percentile to $7,063 at the 90th percentile. The highest median tax bill is $2,689 in the 61434 zip code, which also has the lowest median tax bill of $2,689. By understanding these valuation concepts, 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 Galva Assessed Value
$141,990
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 Galva, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61434 | $56,058 | $75,240 | $141,990 | $942,390 | $1,996,868 |
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 typically a percentage of its market value. Assessors in Knox County determine this assessed value by considering factors such as the property's location, size, and condition. Once the assessed value is established, a local tax rate is applied to calculate the tax bill. For instance, the median home price in Galva is $141,990, and property tax rates in the area can result in varying tax bills. Homeowners in Galva can expect tax bills ranging from $1,452 at the 25th percentile to $7,063 at the 90th percentile, reflecting the significant impact of property value and assessment on the final tax bill. The highest median tax bill in the area is $2,689, which aligns with the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly affecting the quality of life for residents.
Average Galva Tax Bill
$2,689
Average Knox County Tax Bill
$1,699
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 | $896 | $1,452 | $2,689 | $5,163 | $7,063 |
Source: Ownwell