Gerlaw, Illinois Property Taxes
The median property tax rate in Gerlaw, IL is 2.47%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Gerlaw, the typical annual property tax bill reaches $1,190, exceeding the national median of $2,690. Property taxes in Gerlaw 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 Gerlaw'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 Gerlaw 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
Gerlaw, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.47%
Estimate Property Tax Bill
$1,192
$1,106
Ownwell’s Gerlaw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gerlaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gerlaw 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 Gerlaw, Illinois
Property taxes in Gerlaw, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Gerlaw stands at 2.47%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Gerlaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gerlaw 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 Gerlaw's effective property tax rate to other areas in Warren County and the national median. For comparison, the 61435 zip code has the highest median property tax rate of 2.47%, while the same zip code also has the lowest median tax rate of 2.47%. Understanding how these areas compare with Gerlaw provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gerlaw Tax Rate
2.47%
Average Warren County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gerlaw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61435 | 2.47% | 2.47% | 2.47% | 2.47% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Gerlaw, Illinois
In Gerlaw, 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 Warren County Assessor 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 Gerlaw, 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 Gerlaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Gerlaw, the highest and lowest median tax bills are both $1,190, with the zip code 61435 reflecting this amount.
Average Gerlaw Assessed Value
$48,240
Average Warren County Assessed Value
$47,250
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gerlaw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61435 | $48,240 | $48,240 | $48,240 | $48,240 | $48,240 |
Source: Ownwell
Property Tax Bills Across Gerlaw, Illinois
In Gerlaw, located in Warren County, IL, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county assessor and represents a percentage of your property's market value. This assessed value is then multiplied by the local tax rate to calculate your property tax bill. For homeowners in Gerlaw, the typical property tax bill is around $1,190, which is consistent across various percentiles, indicating a uniform tax assessment process. This amount is relatively high compared to the national median property tax rate of 0.99%. Homeowners should be aware that their tax bills can significantly impact their annual expenses, making it crucial to ensure their property is accurately assessed. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, and consequently, the tax bill. Understanding these factors can help homeowners anticipate changes in their property taxes and budget accordingly.
Average Gerlaw Tax Bill
$1,190
Average Warren County Tax Bill
$1,310
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Gerlaw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61435 | $1,190 | $1,190 | $1,190 | $1,190 | $1,190 |
Source: Ownwell