Godfrey, Madison County, Illinois Property Taxes
Median Godfrey, IL effective property tax rate: 2.07%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Godfrey, IL home value: $148,919
Median annual Godfrey, IL tax bill: $2,976, $576 higher than the national median property tax bill of $2,400.
How are property taxes in Madison calculated?
Property taxes in Godfrey, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Godfrey’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Godfrey, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Godfrey, Madison County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.07%
Estimate Property Tax Bill
$3,083
$2,861
Property Tax Rates Across Godfrey, Madison County, Illinois
Local government entities determine tax rates, resulting in significant variations within a state. Annually, each county, such as Madison, estimates its required budget to provide essential services, dividing this by the total value of all taxable property within its jurisdiction. This calculation forms the property tax rate. Despite the involvement of votes and laws, this is the core annual process.
In Godfrey, located in Madison County, the effective property tax rate stands at 2.07%, higher than the national median of 1.02%. This rate is also the highest and lowest in the zip code 62035, indicating uniformity within this locality. Compared to Illinois' median property tax rate, Godfrey's rate is consistent, reflecting the state's overall property tax landscape.
With the national median property tax bill at $2,400, Godfrey's rate suggests a higher financial obligation for homeowners. This highlights the importance of understanding local tax rates and exploring potential savings through property tax appeals or exemptions. Engaging with property tax consultants can be a strategic move for homeowners seeking to manage their tax liabilities effectively.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Godfrey Taxx Rate
2.07%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Madison County Taxx Rate
2.17%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Godfrey, Madison County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62035 | 1.56% | 1.90% | 2.07% | 2.22% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Godfrey, Madison County, Illinois
When examining property taxes in Godfrey, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Madison County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Godfrey. For example, the median home price in Godfrey is $148,919, with tax bills ranging significantly across the county. Zip code 62035 has the highest median home price at $148,919.
Property Tax Assessment Values Across Godfrey, Madison County, Illinois
Source: Ownwell
$19,910
$137,778
$255,646
Median Godfrey Market Value
$148,919
Median Madison County Market Value
$128,259
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Godfrey, Madison County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62035 | $81,441 | $102,883 | $148,919 | $211,892 | $281,015 |
Source: Ownwell
Property Tax Bills Across Godfrey, Madison County, Illinois
In Godfrey, located in Madison County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a fraction of the property's market value, which is then adjusted according to local assessment practices. Homeowners in Godfrey face a median tax bill of $2,976, which is notably higher than the national median of $2,400. This reflects the community's tax rate and the assessed values of properties in the area. Factors influencing these tax bills include the property's location, size, and improvements. For many homeowners, these tax bills can be a significant financial burden.
Ownwell offers a solution by providing expert property tax appeal services. By analyzing local market trends and assessment data, Ownwell can identify opportunities for reducing assessed values, potentially lowering tax bills. This service not only provides immediate financial relief but also ensures homeowners are not overpaying due to incorrect assessments, making it an invaluable resource for property owners in Godfrey.
Median Godfrey Tax Bill
$2,976
Median Madison County Tax Bill
$2,705
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Godfrey, Madison County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62035 | $1,449 | $1,965 | $2,976 | $4,477 | $6,085 |
Source: Ownwell