Henry County Property Taxes
The median property tax rate in Henry County is 2.38%, which is significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Henry County, the typical annual property tax bill reaches $2,634, which is close to the national median of $2,690. Property taxes in Henry County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Henry County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Kewanee or another part of Henry County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Henry County Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Henry County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Henry County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Henry County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Henry County, Illinois
Property taxes in Henry County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Henry County is 2.38%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Henry County set these rates annually, and they can vary significantly between different areas within the county. Each year, Henry County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Kewanee has one of the higher property tax rates in Illinois at 2.55%, while the city of Bishop Hill boasts one of the lowest at 1.96%. Analyzing how Henry County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henry County, Illinois
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alpha | 1.58% | 2.06% | 2.33% | 2.66% | 2.77% |
| Altona | 1.72% | 1.99% | 2.30% | 2.49% | 2.49% |
| Andover | 1.57% | 1.99% | 2.19% | 2.33% | 2.59% |
| Annawan | 1.68% | 2.13% | 2.40% | 2.51% | 2.78% |
| Atkinson | 1.63% | 2.05% | 2.28% | 2.47% | 2.64% |
| Bishop Hill | 1.02% | 1.45% | 1.96% | 2.59% | 2.59% |
| Cambridge | 1.76% | 2.21% | 2.50% | 2.69% | 3.05% |
| Cleveland | 1.32% | 1.80% | 1.99% | 2.15% | 2.36% |
| Coal Valley | 1.96% | 2.16% | 2.30% | 2.42% | 2.50% |
| Colona | 1.79% | 2.11% | 2.46% | 2.73% | 3.25% |
| Erie | 1.38% | 1.90% | 2.27% | 2.52% | 2.59% |
| Galva | 1.47% | 2.03% | 2.44% | 3.04% | 3.42% |
| Geneseo | 1.90% | 2.16% | 2.33% | 2.46% | 2.71% |
| Green Rock | 2.24% | 2.39% | 2.39% | 2.71% | 2.86% |
| Hooppole | 0.97% | 1.63% | 2.07% | 2.84% | 2.84% |
| Kewanee | 1.30% | 1.92% | 2.55% | 3.69% | 3.75% |
| Lynn Center | 1.88% | 2.21% | 2.41% | 2.60% | 2.63% |
| Mineral | 2.09% | 2.11% | 2.19% | 2.37% | 2.44% |
| New Windsor | 2.05% | 2.25% | 2.43% | 2.66% | 2.66% |
| Ophiem | 1.07% | 2.02% | 2.28% | 2.75% | 2.79% |
| Orion | 1.78% | 2.07% | 2.22% | 2.36% | 2.47% |
| Osco | 1.77% | 2.12% | 2.41% | 2.61% | 2.67% |
| Prophetstown | 1.85% | 2.18% | 2.46% | 2.59% | 2.69% |
| Sheffield | 1.99% | 2.19% | 2.41% | 2.48% | 2.48% |
| Tampico | 2.15% | 2.27% | 2.42% | 2.64% | 2.69% |
| Toulon | 1.59% | 1.74% | 2.13% | 2.56% | 2.57% |
| Woodhull | 1.52% | 2.07% | 2.34% | 2.63% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Henry County, Illinois
In Henry County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Henry County Appraisal District. The assessed value, however, 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. Assessment notices in Henry County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For example, Mineral has the highest median tax bill at $6,880, while Hooppole has the lowest at $1,211. Being aware of these valuation processes in Henry County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henry County, Illinois
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alpha | $41,503 | $71,634 | $104,247 | $159,774 | $226,543 |
| Altona | $60,471 | $79,048 | $110,616 | $219,042 | $354,208 |
| Andover | $69,250 | $98,557 | $132,494 | $166,815 | $205,025 |
| Annawan | $57,828 | $83,877 | $121,443 | $180,708 | $276,986 |
| Atkinson | $56,885 | $83,889 | $126,222 | $175,866 | $271,312 |
| Bishop Hill | $30,929 | $53,694 | $77,964 | $112,893 | $157,196 |
| Cambridge | $52,350 | $81,085 | $114,159 | $165,092 | $255,348 |
| Cleveland | $61,429 | $75,852 | $120,534 | $180,192 | $201,209 |
| Coal Valley | $113,754 | $184,596 | $244,998 | $350,262 | $439,772 |
| Colona | $62,077 | $89,343 | $128,454 | $178,254 | $229,667 |
| Erie | $30,319 | $90,912 | $183,555 | $254,592 | $402,856 |
| Galva | $30,509 | $48,807 | $70,803 | $105,927 | $169,091 |
| Geneseo | $81,047 | $119,121 | $171,546 | $239,404 | $324,411 |
| Green Rock | $114,499 | $123,225 | $155,931 | $168,231 | $189,406 |
| Hooppole | $28,076 | $43,657 | $61,143 | $74,142 | $98,509 |
| Kewanee | $22,830 | $33,836 | $49,584 | $80,701 | $139,361 |
| Lynn Center | $55,826 | $111,728 | $172,461 | $251,698 | $361,820 |
| Mineral | $129,618 | $154,584 | $310,707 | $325,752 | $366,977 |
| New Windsor | $73,071 | $130,284 | $173,684 | $228,479 | $318,888 |
| Ophiem | $17,181 | $51,669 | $81,080 | $117,704 | $136,698 |
| Orion | $83,946 | $119,719 | $159,404 | $211,688 | $288,828 |
| Osco | $57,040 | $91,433 | $126,978 | $266,178 | $401,686 |
| Prophetstown | $54,386 | $85,466 | $131,308 | $204,392 | $295,477 |
| Sheffield | $88,340 | $115,436 | $193,314 | $273,897 | $340,414 |
| Tampico | $93,172 | $114,494 | $145,108 | $190,623 | $234,186 |
| Toulon | $89,425 | $102,822 | $195,609 | $200,745 | $228,447 |
| Woodhull | $42,302 | $74,394 | $106,800 | $151,005 | $207,290 |
Source: Ownwell
Property Tax Bills Across Henry County, Illinois
In Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the home's location, size, and any applicable exemptions. For homeowners in Henry County, the property tax burden can vary significantly. The median home price is $112,041, and tax bills range widely. At the 25th percentile, homeowners might pay around $1,404, while those at the 75th percentile could see bills as high as $4,276. The top 10% of tax bills in the county reach up to $6,392. Comparatively, the national median property tax rate is 0.99%, placing Henry County in a varied position. For example, the highest median tax bill in the region is $6,880 in Mineral, while Hoopole has the lowest at $1,211. This variability affects homeowners' financial planning and overall cost of living in the county.
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Henry County, Illinois
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alpha | $758 | $1,408 | $2,310 | $3,595 | $5,544 |
| Altona | $892 | $1,371 | $2,512 | $5,471 | $8,232 |
| Andover | $1,295 | $1,815 | $2,826 | $3,637 | $4,667 |
| Annawan | $977 | $1,810 | $2,699 | $4,379 | $6,866 |
| Atkinson | $988 | $1,720 | $2,690 | $4,031 | $6,238 |
| Bishop Hill | $453 | $711 | $1,359 | $2,293 | $3,969 |
| Cambridge | $1,037 | $1,781 | $2,707 | $4,230 | $6,712 |
| Cleveland | $899 | $1,454 | $2,279 | $3,474 | $4,229 |
| Coal Valley | $2,213 | $3,762 | $5,345 | $8,188 | $10,714 |
| Colona | $1,282 | $2,093 | $3,119 | $4,293 | $5,502 |
| Erie | $529 | $1,159 | $2,964 | $6,046 | $9,111 |
| Galva | $576 | $1,051 | $1,661 | $2,686 | $4,408 |
| Geneseo | $1,683 | $2,609 | $3,871 | $5,541 | $7,734 |
| Green Rock | $2,764 | $2,947 | $3,719 | $4,013 | $5,222 |
| Hooppole | $267 | $667 | $1,211 | $1,589 | $2,083 |
| Kewanee | $385 | $718 | $1,266 | $2,223 | $3,867 |
| Lynn Center | $1,229 | $2,374 | $4,007 | $6,226 | $9,385 |
| Mineral | $2,765 | $3,390 | $6,880 | $7,711 | $8,690 |
| New Windsor | $1,501 | $3,050 | $4,186 | $5,029 | $8,226 |
| Ophiem | $274 | $859 | $1,714 | $2,576 | $3,291 |
| Orion | $1,576 | $2,453 | $3,382 | $4,695 | $6,618 |
| Osco | $1,134 | $1,896 | $2,996 | $6,385 | $10,604 |
| Prophetstown | $1,198 | $1,894 | $3,042 | $4,930 | $7,538 |
| Sheffield | $1,953 | $2,549 | $4,285 | $6,650 | $7,652 |
| Tampico | $2,172 | $2,630 | $3,336 | $4,421 | $6,216 |
| Toulon | $1,444 | $1,787 | $4,162 | $5,156 | $5,846 |
| Woodhull | $755 | $1,495 | $2,340 | $3,542 | $5,206 |
Source: Ownwell