Galt, Illinois Property Taxes
The median property tax rate in Galt, IL is 1.83%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Galt at $101,268, the typical annual property tax bill reaches $1,583, exceeding the national median of $2,690. Property taxes in Galt 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 Galt'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 Galt 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
Galt, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.83%
Estimate Property Tax Bill
$1,853
$1,720
Ownwell’s Galt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galt 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 Galt, Illinois
Property taxes in Galt, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galt is 2.16%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Galt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galt 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 Galt's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61037 zip code has the highest median property tax rate of 2.16%, while the 61037 zip code also has the lowest median tax rate of 2.16%. Understanding how these cities compare with Galt provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galt Tax Rate
1.83%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61037 | 1.05% | 1.31% | 1.83% | 2.13% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Galt, Illinois
In Galt, 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 Whiteside 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 Galt, 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 Galt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Galt is $101,268, with tax bills ranging from $843 at the 25th percentile to $3,413 at the 90th percentile. The zip code 61037 has both the highest and lowest median tax bill at $1,583.
Average Galt Assessed Value
$101,268
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61037 | $38,130 | $63,690 | $101,268 | $139,436 | $162,435 |
Source: Ownwell
Property Tax Bills Across Galt, Illinois
In Galt, Whiteside County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Galt stands at $101,268. Property tax rates are applied to this assessed value to determine the annual tax bill. For homeowners in Galt, the tax bill can vary significantly. The 25th percentile tax bill is $843, while the 75th percentile reaches $2,374. At the 90th percentile, homeowners might pay up to $3,413 annually. Several factors influence these tax bills, including the assessed home value, local tax rates, and any applicable exemptions. These taxes are crucial as they fund essential public services such as schools, infrastructure, and emergency services. Homeowners in Galt need to be aware of these factors, as property taxes can impact their overall financial planning and homeownership costs, especially when compared to the national median property tax rate of 0.99%.
Average Galt Tax Bill
$1,583
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Galt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61037 | $360 | $843 | $1,583 | $2,374 | $3,413 |
Source: Ownwell