62940 Property Tax Rate

Property owners in ZIP code 62940 (Gorham, Illinois) pay a median of $400/year in property taxes on homes valued at $27,500. This translates to an effective tax rate of 1.45%, which is 23% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62940 is approximately $33, which factors into escrow payments on mortgages. This ZIP code is located within Jackson County. This is $3,101 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 62940 has lower property taxes. ZIP codes with similar effective rates include 62292 (1.45%) and 62534 (1.46%).

In Gorham, property taxes represent approximately 0.5% of the median household income of $75,033, providing context for the relative tax burden on homeowners in this area.

If you're considering purchasing a home in 62940, keep in mind that property taxes are based on the assessed value assigned by the local assessor, which may differ from the purchase price. In some states, properties are reassessed at or near the sale price upon transfer of ownership. For the most current tax information for a specific property, consult Jackson County's tax assessor directly.