Godley, Illinois Property Taxes
The median property tax rate in Godley, IL is 1.73%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Godley at $106,878, the typical annual property tax bill reaches $1,870, which is lower than the national median of $2,690. Property taxes in Godley 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 Godley’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 Godley 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
Godley, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Godley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Godley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Godley 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 Godley, Illinois
Property taxes in Godley, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Godley stands at 1.73%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Godley set these rates annually, and they can vary across different neighborhoods. Each year, Godley 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 Godley's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60407 has the highest median property tax rate of 1.73%, while the same zip code also has the lowest median tax rate of 1.73%. Understanding how these areas compare with Godley provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Godley Tax Rate
1.73%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Godley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60407 | 1.20% | 1.46% | 1.73% | 1.81% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Godley, Illinois
In Godley, 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 Will 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 Godley, 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. For instance, the median home price in Godley is $106,878, with tax bills ranging from $961 at the 25th percentile to $3,284 at the 90th percentile. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Godley Assessed Value
$106,878
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Godley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60407 | $47,076 | $58,683 | $106,878 | $152,374 | $178,592 |
Source: Ownwell
Property Tax Bills Across Godley, Illinois
In Godley, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $106,878, the assessed value forms the basis for the tax calculation. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the local tax rate set by various taxing authorities such as school districts, municipalities, and other local services. Homeowners in Godley can expect a wide range of tax bills, from the 25th percentile at $961 to the 75th percentile at $2,755, and up to the 90th percentile at $3,284. These taxes fund essential public services, impacting homeowners by contributing to the quality of local schools, infrastructure, and emergency services. Comparatively, Godley's property tax rates can be higher than the national median property tax rate of 0.99%, reflecting the unique demands and services of the local community.
Average Godley Tax Bill
$1,870
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Godley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60407 | $697 | $961 | $1,870 | $2,755 | $3,284 |
Source: Ownwell