Galatia, Illinois Property Taxes
The median property tax rate in Galatia, IL is 2.65%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $69,813, the typical annual property tax bill in Galatia reaches $2,126, which is below the national median of $2,690. Property taxes in Galatia are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Galatia's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Galatia or another part of Saline County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Galatia, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$1,850
$1,717
Ownwell’s Galatia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galatia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galatia 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 Galatia, Illinois
Property taxes in Galatia, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galatia is 2.65%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Galatia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galatia 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 Galatia's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62935 has the highest median property tax rate of 2.65%, while the same zip code also has the lowest median tax rate of 2.65%. Understanding how these areas compare with Galatia provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galatia Tax Rate
2.65%
Average Saline County Tax Rate
2.49%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galatia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62935 | 1.41% | 2.13% | 2.65% | 3.09% | 3.73% |
Source: Ownwell
Property Tax Assessment Values Across Galatia, Illinois
In Galatia, 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 Saline County Assessment Office 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 Galatia, 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 Galatia 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 area both occur in zip code 62935, with a median tax bill of $2,126.
Average Galatia Assessed Value
$69,813
Average Saline County Assessed Value
$61,146
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galatia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62935 | $10,468 | $34,773 | $69,813 | $125,732 | $186,686 |
Source: Ownwell
Property Tax Bills Across Galatia, Illinois
In Galatia, located in Saline County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Homeowners in Galatia can expect their tax bills to vary significantly, with the 25th percentile tax bill at $962 and the 75th percentile reaching $3,676. The highest median tax bill in the area is $2,126, found in the 62935 zip code. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These elements combine to determine the overall tax liability for homeowners. Compared to the national median property tax rate of 0.99%, residents in Galatia may find their tax bills to be relatively manageable, although higher-value properties can see substantial tax amounts. Understanding these components helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Galatia Tax Bill
$2,126
Average Saline County Tax Bill
$1,585
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Galatia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62935 | $427 | $962 | $2,126 | $3,676 | $5,405 |
Source: Ownwell