Galva, Illinois Property Taxes
The median property tax rate in Galva, IL is 2.25%, 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, the typical annual property tax bill reaches $2,655, closely aligning with 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 Stark County, 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
2.25%
Estimate Property Tax Bill
$2,889
$2,681
Ownwell’s GALVA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner 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 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 Galva, Illinois
Property taxes in Galva, Illinois, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Galva is 2.25%, significantly higher than both the Illinois state median of 2.25% 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 61434 zip code has the highest median property tax rate of 2.25%, while the same 61434 zip code also has the lowest median tax rate of 2.25%. Understanding how these cities compare with Galva provides valuable insights into the varying tax landscape across Stark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galva Tax Rate
2.25%
Average Stark County Tax Rate
2.20%
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 | 1.82% | 2.07% | 2.25% | 2.29% | 2.41% |
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 Stark 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. 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 Galva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61434 in Galva has the highest median tax bill at $2,655, which also represents the lowest median tax bill in the area.
Average Galva Assessed Value
$128,382
Average Stark County Assessed Value
$143,110
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 | $107,180 | $112,628 | $128,382 | $139,260 | $212,390 |
Source: Ownwell
Property Tax Bills Across Galva, Illinois
In Galva, located in Stark County, IL, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. For Galva, the median home price stands at $128,382. Homeowners in this region can expect their tax bills to vary significantly. For example, the tax bill at the 25th percentile is $2,234, while at the 75th percentile, it rises to $3,418. The tax bill at the 90th percentile can reach up to $4,969. These property tax bills are influenced by several factors, including local government budgets, school district funding, and public services. Compared to the national median property tax rate of 0.99%, Galva's property tax bills reflect the local economic conditions and funding needs. For homeowners, this means that property taxes can be a substantial annual expense, impacting their overall cost of living and financial planning.
Average Galva Tax Bill
$2,655
Average Stark County Tax Bill
$2,919
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 | $2,147 | $2,234 | $2,655 | $3,418 | $4,969 |
Source: Ownwell