Goodfield, Illinois Property Taxes
The median property tax rate in Goodfield, IL is 2.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Goodfield, the typical annual property tax bill reaches $3,894, exceeding the national median of $2,690. Property taxes in Goodfield 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 Goodfield'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 Goodfield 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
Goodfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$3,945
$3,661
Ownwell’s Goodfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goodfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodfield 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 Goodfield, Illinois
Property taxes in Goodfield, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodfield is 2.19%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Goodfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodfield 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 Goodfield's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61742 zip code has both the highest and lowest median property tax rate of 2.19%. Understanding how these cities compare with Goodfield 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 Goodfield Tax Rate
2.19%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61742 | 1.77% | 2.04% | 2.19% | 2.27% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Goodfield, Illinois
In Goodfield, 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 Woodford County Assessor 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 Goodfield, 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 Goodfield 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 61742, amounting to $3,894, while the lowest is also 61742, with the same value.
Average Goodfield Assessed Value
$180,123
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 Goodfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61742 | $31,972 | $111,524 | $180,123 | $255,872 | $307,154 |
Source: Ownwell
Property Tax Bills Across Goodfield, Illinois
In Goodfield, located in Woodford County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property, determined by the county assessor. For instance, if the median home price in Goodfield is $180,123, the assessed value would be a portion of this amount, subject to local assessment rules. The local tax rate is then applied to the assessed value to determine the annual property tax bill. In Woodford County, the median tax bill is around $3,894, which is higher than the national median property tax rate of 0.99%. Factors such as the 25th percentile tax bill at $2,189 and the 75th percentile tax bill at $5,601 indicate variability based on property value and location within the county. This system ensures that homeowners contribute to local services and infrastructure, but also means that higher property values result in higher tax bills, impacting overall affordability for residents.
Average Goodfield Tax Bill
$3,894
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61742 | $979 | $2,189 | $3,894 | $5,601 | $6,841 |
Source: Ownwell