Germantown Hills, Illinois Property Taxes
The median property tax rate in Germantown Hills, IL is 2.57%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $227,196 in Germantown Hills, the typical annual property tax bill reaches $5,616, exceeding the national median of $2,690. Property taxes in Germantown Hills are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Germantown Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Germantown Hills 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
Germantown Hills, 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 Germantown Hills Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Germantown Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Germantown Hills 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 Woodford County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Germantown Hills, Illinois
Property taxes in Germantown Hills, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Germantown Hills is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Germantown Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Germantown Hills 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 Germantown Hills' effective property tax rate to other counties in Illinois and the national median. For comparison, the 61548 zip code has the highest median property tax rate of 2.57%, while the same zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Germantown Hills provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Germantown Hills Tax Rate
2.57%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Germantown Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61548 | 2.24% | 2.45% | 2.57% | 2.65% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Germantown Hills, Illinois
In Germantown Hills, 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 local 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 Germantown Hills, 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 Germantown Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61548, with a median tax bill of $5,616, which is significantly above the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Germantown Hills, Illinois
Source: Ownwell
$58,215
$165,922
$273,628
Average Germantown Hills Assessed Value
$227,196
Average Woodford County Assessed Value
$138,837
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Germantown Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61548 | $130,492 | $180,615 | $227,196 | $295,268 | $346,942 |
Source: Ownwell
Property Tax Bills Across Germantown Hills, Illinois
In Germantown Hills, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence this, including the home's location within Woodford County, its size, and its condition. For instance, the median home price in Germantown Hills is $227,196, and homeowners can expect a tax bill ranging from $4,291 at the 25th percentile to $7,654 at the 75th percentile, with some reaching up to $9,217 at the 90th percentile. These figures highlight the variability in tax bills based on property values and local tax rates. Homeowners in Germantown Hills face property tax rates that can significantly impact their annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their property tax obligations and manage their finances accordingly.
Average Germantown Hills Tax Bill
$5,616
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Germantown Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61548 | $2,943 | $4,291 | $5,616 | $7,654 | $9,217 |
Source: Ownwell