Average Tax Assessment in Gallatin County
Real Estate Values and Property Tax Valuation in Gallatin County, Illinois
Gallatin County has a total of 2,671 properties with a cumulative value of $145.6M, representing 0.02% of all real estate value in Illinois. Property taxes in Gallatin County totaled $2.3M, with an average homeowner paying $948 in property taxes compared to the state average of $5,405. The average property tax rate in Gallatin County is 1.58%, lower than the state average of 2.47%. Property taxes are based on the assessed value of the property, which is typically lower than the market value.
In Illinois, property taxes are based on the value of the property as of January 1st. Property owners have the option to appeal their property taxes between June and December, or within 30 days of when the notices are published. Property tax bills are issued on February 1st and July 1st, with the first installment due on June 1st in Cook County. This first installment is estimated at 55% of the prior year's tax bill, with taxes paid in arrears.
Updated November 01, 2023
| Important Links | |
|---|---|
| Gallatin Assessor | (406) 896-4000 |
| Gallatin County Clerk | (859) 567-5411 |
| Gallatin Recorder of Deeds | (618) 269-3025 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Tax Appeal Deadline: | June - December or 30 days after notices are published |
| Property Tax Bills Issued: | February 1st and July 1st |
| Real Property Tax Bill Due (1st of #): | June, Two installments but due dates may vary by county March 1st, Cook County - 1st half installment, estimated at 55% of prior year tax bill with taxes paid in arrears. |
| Real Property Tax Bill Due (2nd of #): | September, Two installments but due dates may vary by county August 1, Cook County - 2nd half installment - TARGETED but may be delayed - due 30 days after being issued. Reconciled installment using the BOR certified AV, actual local tax rate, and final state equalization factor, less the estimated 1st installment with taxes paid in arrears |
| Available Exemptions | |
|---|---|
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Gallatin County
Residential Property Taxes by Cities in Gallatin County
Gallatin County has an average property tax rate of 1.58%, which is lower than the national average of 1.89%. This rate is applied to the assessed value of a property to calculate the amount of taxes due. The average Gallatin County property tax bill is $948, which is lower than the national average of $2,279.
Property tax rates vary across the cities in Gallatin County. The city with the highest effective property tax rate is Ridgway, with a rate of 1.73%. The city with the lowest effective property tax rate is Equality, with a rate of 1.3%. This means that property owners in Ridgway will pay more in taxes than those in Equality.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Gallatin County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Equality | $7,203 | $20,223 | $41,025 | $67,330 | $99,612 |
| Junction | $7,925 | $22,430 | $50,260 | $83,273 | $128,159 |
| Omaha | $6,769 | $20,628 | $44,238 | $83,335 | $124,358 |
| Ridgway | $11,462 | $28,508 | $54,045 | $85,708 | $128,765 |
| Shawneetown | $5,654 | $15,246 | $38,602 | $69,080 | $109,539 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Gallatin County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Equality | $31 | $88 | $354 | $1,099 | $1,765 |
| Junction | $35 | $120 | $590 | $1,517 | $2,498 |
| Omaha | $46 | $144 | $587 | $1,454 | $2,459 |
| Ridgway | $51 | $205 | $639 | $1,670 | $2,737 |
| Shawneetown | $35 | $112 | $414 | $1,334 | $2,448 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Equality | 0.43% | 0.44% | 0.86% | 1.63% | 1.77% |
| Junction | 0.44% | 0.53% | 1.17% | 1.82% | 1.95% |
| Omaha | 0.68% | 0.70% | 1.33% | 1.74% | 1.98% |
| Ridgway | 0.44% | 0.72% | 1.18% | 1.95% | 2.13% |
| Shawneetown | 0.62% | 0.73% | 1.07% | 1.93% | 2.23% |
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Real Estate Values in Gallatin County
The data from Redfin indicates that there is no change in median home price in Gallatin County from October 2022 to October 2023. However, the home inventory in Gallatin County has increased from 4 in October 2022 to 7 in October 2023. This suggests that the housing market in Gallatin County is becoming more competitive, as more homes are available for purchase.
Average Home Value in Gallatin County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Gallatin County
Last updated: November 2023
Percent Change in New Home Listings in Gallatin County
Last updated: November 2023
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Mortgage Rates in Gallatin County
Gallatin County has a total of $10.9 million in outstanding home mortgage loans. This represents 119 loans, or about 0.2% of the total home value in the county. The median mortgage rate in Gallatin County is 4.07%, which is slightly lower than the national average of 4.14%. However, there is a wide variation in mortgage rates across the county. Omaha has the highest median mortgage rate at 4.32%, while Equality has the lowest rate at 3.75%. This variation in rates can make a significant difference in the amount of money a homeowner pays over the life of their loan.
Overall, Gallatin County has a relatively low amount of outstanding home mortgage loans, and the median mortgage rate is slightly lower than the national average. However, there is a wide variation in mortgage rates across the county, so it is important for homeowners to shop around and compare rates to find the best deal.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Gallatin County by city.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Equality | $24,954 | $36,067 | $60,377 | $80,980 | $94,937 |
| Junction | $27,637 | $67,784 | $86,729 | $178,279 | $509,806 |
| Omaha | $27,953 | $40,795 | $78,177 | $103,716 | $110,923 |
| Ridgway | $24,362 | $29,680 | $50,687 | $90,884 | $115,624 |
| Shawneetown | $27,570 | $38,859 | $52,245 | $71,928 | $113,984 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Gallatin County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Equality | 2.67% | 3.02% | 3.75% | 4.04% | 4.75% |
| Junction | 3.10% | 3.74% | 3.99% | 4.75% | 4.85% |
| Omaha | 3.08% | 3.74% | 4.32% | 4.50% | 4.77% |
| Ridgway | 2.89% | 3.24% | 3.95% | 4.38% | 4.96% |
| Shawneetown | 2.76% | 3.40% | 4.00% | 4.50% | 4.94% |
Housing Expenses in Gallatin County, Illinois
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