Equality, Gallatin County, Illinois Property Taxes
Median Equality, IL effective property tax rate: 1.77%, significantly higher than the national median of 1.02%, and higher than the Illinois state median of 2.33%.
Median Equality, IL home value: $43,408
Median annual Equality, IL tax bill: $652, $1,748 lower than the national median property tax bill of $2,400.
How are property taxes in Gallatin calculated?
Property taxes in Equality, 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 Equality's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Equality, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Equality, Gallatin County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.77%
Estimate Property Tax Bill
$768
$713
Property Tax Rates Across Equality, Gallatin County, Illinois
Local government entities play a pivotal role in setting property tax rates, which can vary significantly within a state. This variation arises because each county determines its required budget to provide essential services and then divides that by the total assessed value of all taxable properties within its jurisdiction, resulting in the property tax rate. Although votes and laws influence the setting of tax rates and budgets, this is essentially the annual process.
In Equality, situated in Gallatin County, Illinois, the effective property tax rate stands out when compared to other cities in the state. With a median property tax rate of 1.77%, Equality's rate is notably higher than the national median of 1.02%. The rate is consistent across Gallatin County, making it one of the highest in the state. This higher rate can impact homeowners significantly, as it translates to larger property tax bills compared to the national average. Understanding these local tax dynamics is crucial for property owners aiming to navigate their financial obligations effectively.
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 Equality Tax Rate
1.77%
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 Gallatin County Tax Rate
2.07%
Median Effective Illinois Tax Rate
2.33%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Equality, Gallatin County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62934 | 0.63% | 1.12% | 1.77% | 2.22% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Equality, Gallatin County, Illinois
When examining property taxes in Equality, Illinois, 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 Gallatin County appraisal district 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.
In Gallatin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Equality.
For example, the median home price in Equality is $43,408, with tax bills ranging significantly across the county. Zip code 62934 has the highest median home price at $43,408.
Property Tax Assessment Values Across Equality, Gallatin County, Illinois
Source: Ownwell
$31,101
$65,549
$99,996
Median Equality Market Value
$43,408
Median Gallatin County Market Value
$47,868
Median Illinois Market Value
$227,888
Median United States Market Value
$235,294
Property Tax Assessment Values Across Equality, Gallatin County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62934 | $8,984 | $22,648 | $43,408 | $72,370 | $105,704 |
Source: Ownwell
Property Tax Bills Across Equality, Gallatin County, Illinois
In Equality, located in Gallatin County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local tax rates are then applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding, and public services influence these rates. The median property tax bill in Equality is $652, which is significantly lower than the national median of $2,400. However, even with relatively modest tax bills, homeowners can still benefit from potential savings.
Ownwell offers expert assistance to homeowners in Equality by reviewing their property assessments and identifying opportunities for appeals or exemptions. By ensuring that properties are accurately assessed, Ownwell helps homeowners potentially lower their tax bills. The firm provides guidance through the appeal process, leveraging local expertise to maximize savings. With Ownwell's support, homeowners can achieve peace of mind knowing they are not overpaying on their property taxes, allowing them to allocate resources more effectively.
Median Equality Tax Bill
$652
Median Gallatin County Tax Bill
$823
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Equality, Gallatin County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62934 | $78 | $242 | $652 | $1,332 | $2,024 |
Source: Ownwell