Geff, Illinois Property Taxes
The median property tax rate in Geff, IL is 1.88%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Geff, the typical annual property tax bill reaches $1,272, which is below the national median of $2,690. Property taxes in Geff 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 Geff'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 Geff or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Geff, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$1,331
$1,300
Ownwell’s GEFF Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GEFF with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GEFF 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 Geff, Illinois
Property taxes in Geff, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Geff is 1.88%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Geff set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geff 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 Geff's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62842 zip code has the highest median property tax rate of 1.88%, while the same zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Geff provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geff Tax Rate
1.88%
Average Wayne County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geff, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62842 | 0.79% | 1.48% | 1.88% | 2.21% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Geff, Illinois
In GEFF, 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 Wayne 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 GEFF, 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 GEFF 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 amount to $1,272 in the 62842 zip code.
Average Geff Assessed Value
$70,779
Average Wayne County Assessed Value
$66,714
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Geff, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62842 | $17,934 | $35,030 | $70,779 | $108,610 | $154,582 |
Source: Ownwell
Property Tax Bills Across Geff, Illinois
In GEFF, located in Wayne County, IL, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. Homeowners in this area experience a range of tax bills. For instance, the 25th percentile tax bill is $661, while the 75th percentile tax bill is $2,211, and the 90th percentile reaches up to $3,648. These figures highlight the variability in tax burdens depending on property values and local tax rates. The median home price in GEFF is $70,779, which influences the assessed value and consequently the tax bill. Compared to the national median property tax rate of 0.99%, GEFF's tax rates can seem more or less burdensome depending on individual circumstances. Factors such as the specific zip code, with the highest and lowest median tax bill both recorded at $1,272 in 62842, also play a role. This variability in tax bills impacts homeowners by affecting their annual financial planning and the overall affordability of their homes.
Average Geff Tax Bill
$1,272
Average Wayne County Tax Bill
$1,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Geff, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62842 | $200 | $661 | $1,272 | $2,211 | $3,648 |
Source: Ownwell