Godfrey, Illinois Property Taxes
The median property tax rate in Godfrey, IL is 2.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Godfrey at $148,919, the typical annual property tax bill reaches $2,976, exceeding the national median of $2,690. Property taxes in Godfrey 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 Godfrey'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 Godfrey or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Godfrey, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.07%
Estimate Property Tax Bill
$3,083
$3,012
Ownwell’s GODFREY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GODFREY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GODFREY 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 Godfrey, Illinois
Property taxes in Godfrey, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Godfrey is 2.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Godfrey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Godfrey 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 Godfrey's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62035 zip code has the highest median property tax rate of 2.07%, while the same zip code also has the lowest median tax rate of 2.07%. Understanding how these cities compare with Godfrey provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Godfrey Tax Rate
2.07%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Godfrey, 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, Illinois
In Godfrey, 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 Madison 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 Godfrey, 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 Godfrey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Godfrey are both $2,976 in the 62035 zip code.
Average Godfrey Assessed Value
$148,919
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Godfrey, 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, Illinois
Property tax bills in Godfrey, located in Madison County, IL, are calculated based on the assessed value of a property, which is typically a percentage of its market value. For instance, with a median home price of $148,919, the assessed value is determined, and then a local tax rate is applied. This tax rate can vary but is influenced by the overall budget needs of the county and local municipalities. Several factors contribute to the final tax bill, including property location, home size, and any applicable exemptions. In Godfrey, the 25th percentile of tax bills is $1,965, while the 75th percentile reaches $4,477, and the 90th percentile can be as high as $6,085. This range indicates significant variability based on property characteristics and local levies. For homeowners, these taxes fund essential public services like schools, infrastructure, and emergency services. Comparatively, the property tax rate in Godfrey may be higher than the national median of 0.99%, impacting homeowners' annual expenses and influencing decisions on property investments.
Average Godfrey Tax Bill
$2,976
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Godfrey, 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