Germantown Hills, Woodford County, Illinois Property Taxes

Name: Property Tax Bills Across Germantown Hills, Woodford County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median GERMANTOWN HILLS, IL effective property tax rate: 2.57%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median GERMANTOWN HILLS, IL home value: $227,196
Median annual GERMANTOWN HILLS, IL tax bill: $5,616, $3,216 higher than the national median property tax bill of $2,400.

How are property taxes in Woodford calculated?

Property taxes in GERMANTOWN HILLS, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding GERMANTOWN HILLS’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in GERMANTOWN HILLS, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Germantown Hills, Woodford County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.57%

Estimate Property Tax Bill

$5,839

$5,418

Ownwell’s Germantown Hills Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Germantown Hills with just two data points. By entering your property's estimated assessed value, our calculator applies Germantown Hills’ median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Woodford County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Germantown Hills, Woodford County, Illinois

Local government entities are responsible for setting tax rates, which can differ significantly within a state. Each year, counties calculate their required budget for public services and divide it by the total assessed value of all taxable property in their area. This process determines the property tax rate. While legislation and votes play a role in establishing these rates and budgets, this is essentially how it works annually.

In GERMANTOWN HILLS, located in Woodford County, Illinois, the effective property tax rate is a point of comparison. The rate here is notably higher than the national median property tax rate of 1.02%. In fact, it is the highest in the state, aligning with the county's median tax rate. This makes it crucial for property owners in GERMANTOWN HILLS to consider property tax appeal services to potentially reduce their financial burden. By understanding how these rates are set and comparing them with state and national averages, property owners can make informed decisions about managing their property taxes effectively.

Property Tax Rates Across Germantown Hills, Woodford County, Illinois

Source: Ownwell

2.19%

2.38%

2.58%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Germantown Hills Tax Rate

2.57%

Median Effective Woodford County Tax Rate

2.44%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Germantown Hills, Woodford County, 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, Woodford County, Illinois

When examining property taxes in Germantown Hills, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Woodford County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Woodford County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Germantown Hills. For example, the median home price in Germantown Hills is $227,196, with tax bills ranging significantly across the county. Zip code 61548 has the highest median home price at $227,196.

Property Tax Assessment Values Across Germantown Hills, Woodford County, Illinois

Source: Ownwell

$76,683

$160,575

$244,467

Median Germantown Hills Market Value

$227,196

Median Woodford County Market Value

$138,837

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Germantown Hills, Woodford County, 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, Woodford County, Illinois

In Germantown Hills, Woodford County, IL, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to the assessed value to calculate the annual tax bill. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. The median home price in Germantown Hills is $227,196, and homeowners can expect to pay a tax bill significantly higher than the national median of $2,400. For example, the 25th percentile tax bill is $4,291, while the 75th percentile reaches $7,654. This can place a substantial financial burden on homeowners.

Ownwell offers a solution by helping homeowners appeal their property tax assessments and secure exemptions, potentially lowering their tax bills. By leveraging expertise in local tax regulations and providing personalized guidance, Ownwell aims to ensure homeowners are not overpaying on their property taxes, ultimately leading to significant savings.

Property Tax Bills Across Germantown Hills, Woodford County, Illinois

Source: Ownwell

$1,648

$4,099

$6,549

Median Germantown Hills Tax Bill

$5,616

Median Woodford County Tax Bill

$3,222

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Germantown Hills, Woodford County, 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