Galva, Knox County, Illinois Property Taxes

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

Median Galva, IL effective property tax rate: 2.04%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Galva, IL home value: $141,990
Median annual Galva, IL tax bill: $2,689, $289 higher than the national median property tax bill of $2,400.

How are property taxes in Knox County calculated?

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

Last Updated March 1, 2025

Galva, Knox County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.04%

Estimate Property Tax Bill

$2,897

$2,688

Ownwell’s Galva Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Galva with just two data points. By entering your property's estimated assessed value, our calculator applies Galva’s 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 Knox County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Galva, Knox County, Illinois

Local government entities set tax rates, which can vary widely within Illinois. Annually, each county determines its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Galva, located in Knox County, the effective property tax rate is 2.04%, which stands out when compared to other cities in Illinois. This rate is double the national median property tax rate of 1.02%, indicating a higher tax burden for property owners in Galva compared to the national average. The median property tax bill in Galva also surpasses the national median of $2,400. Such a high rate can significantly impact homeowners' finances, making it essential for them to explore property tax appeal and exemption services to potentially reduce their tax liabilities. Understanding these rates and how they compare to both state and national figures can help property owners make informed decisions about their investments and financial planning.

Property Tax Rates Across Galva, Knox County, Illinois

Source: Ownwell

0.27%

1.39%

2.52%

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 Galva Tax Rate

2.04%

Median Effective Knox County Tax Rate

2.31%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Galva, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61434	0.26%	0.29%	2.04%	2.59%	2.86%

Source: Ownwell

Property Tax Assessment Values Across Galva, Knox County, Illinois

When examining property taxes in Galva, 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 Knox 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.

In Knox 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 Galva. For example, the median home price in Galva is $141,990, with tax bills ranging significantly across the county. Zip code 61434 has the highest median home price at $141,990.

Property Tax Assessment Values Across Galva, Knox County, Illinois

Source: Ownwell

$41,790

$1,323,092

$2,604,393

Median Galva Market Value

$141,990

Median Knox County Market Value

$78,330

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Galva, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61434	$56,058	$75,240	$141,990	$942,390	$1,996,868

Source: Ownwell

Property Tax Bills Across Galva, Knox County, Illinois

In Galva, located in Knox County, IL, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the local assessor. Homeowners in Galva face a median tax bill of $2,689, which is slightly above the national median of $2,400. Tax bills can vary significantly, with some homeowners paying as little as $1,452 while others face bills as high as $7,063. These variations depend on factors such as property location, size, and improvements. High property taxes can strain homeowners, but Ownwell offers a solution. By providing expert property tax appeal services, Ownwell helps homeowners potentially reduce their tax burden. Our team reviews your property’s assessed value, identifies discrepancies, and files appeals on your behalf, ensuring you pay only what is fair. Homeowners in Galva can benefit from our services, potentially saving hundreds or even thousands on their property tax bills.

Property Tax Bills Across Galva, Knox County, Illinois

Source: Ownwell

$748

$4,362

$7,975

Median Galva Tax Bill

$2,689

Median Knox County Tax Bill

$1,699

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Galva, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61434	$896	$1,452	$2,689	$5,163	$7,063

Source: Ownwell