Geneseo, Illinois Property Taxes
The median property tax rate in Geneseo, IL is 1.98%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Geneseo at $85,728, the typical annual property tax bill reaches $1,765, which is below the national median of $2,690. Property taxes in Geneseo 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 Geneseo'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 Geneseo or another part of Whiteside County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Geneseo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.98%
Estimate Property Tax Bill
$1,697
$1,659
Ownwell’s Geneseo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Geneseo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geneseo 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 Geneseo, Illinois
Property taxes in Geneseo, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Geneseo is 1.98%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Geneseo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneseo 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 Geneseo's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61254 zip code has both the highest and lowest median property tax rate of 1.98%. Understanding how these cities compare with Geneseo provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geneseo Tax Rate
1.98%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geneseo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61254 | 1.77% | 1.85% | 1.98% | 2.02% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Geneseo, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Geneseo, Illinois. The market value represents 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 Whiteside County Assessor's Office 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 Geneseo, 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. The median home price in Geneseo is $85,728, with the 25th percentile tax bill at $1,524 and the 75th percentile at $2,074. The highest and lowest median tax bills are both $1,765, found in the 61254 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage their tax burden.
Average Geneseo Assessed Value
$85,728
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Geneseo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61254 | $69,010 | $75,279 | $85,728 | $112,070 | $127,874 |
Source: Ownwell
Property Tax Bills Across Geneseo, Illinois
In Geneseo, located in Whiteside County, IL, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is a percentage of the market value of the home. For instance, with a median home price of $85,728, the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessment. Homeowners in Geneseo can expect tax bills that vary significantly. The tax bill at the 25th percentile is $1,524, while it rises to $2,074 at the 75th percentile, and reaches $2,260 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,765, which is higher than the national median property tax rate of 0.99%. These property taxes contribute to local services and infrastructure, impacting the overall cost of homeownership in Geneseo.
Average Geneseo Tax Bill
$1,765
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Geneseo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61254 | $1,380 | $1,524 | $1,765 | $2,074 | $2,260 |
Source: Ownwell