Geneseo, Illinois Property Taxes
The median property tax rate in Geneseo, IL is 2.33%, 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 $171,546, the typical annual property tax bill reaches $3,871, exceeding 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 the city, 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
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
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 essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Geneseo is 2.33%, 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 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 zip code 61254 has the highest median property tax rate of 2.33%, while the same zip code also has the lowest median tax rate of 2.33%. Understanding how these cities compare with Geneseo provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geneseo Tax Rate
2.33%
Average Henry County Tax Rate
2.38%
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 | 1.90% | 2.16% | 2.33% | 2.46% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across Geneseo, Illinois
In Geneseo, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is 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 Henry County Assessment 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Geneseo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Geneseo is $171,546, with tax bills ranging from $2,609 at the 25th percentile to $7,734 at the 90th percentile. The highest and lowest median tax bills, both at $3,871, are found in the 61254 zip code.
Average Geneseo Assessed Value
$171,546
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 Geneseo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61254 | $81,047 | $119,121 | $171,546 | $239,404 | $324,411 |
Source: Ownwell
Property Tax Bills Across Geneseo, Illinois
In Geneseo, located in Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the amount owed. Various factors such as property size, location, and improvements can influence the assessed value. For example, the median home price in Geneseo is $171,546, and property tax bills can vary significantly. Homeowners in Geneseo can expect tax bills ranging from $2,609 at the 25th percentile to $7,734 at the 90th percentile. The highest and lowest median tax bills in the area both stand at $3,871, indicating some consistency in tax assessments. Compared to the national median property tax rate of 0.99%, Geneseo's rates can significantly impact homeowners' annual expenses. These taxes fund essential public services like schools, infrastructure, and emergency services, thereby directly affecting the community's quality of life.
Average Geneseo Tax Bill
$3,871
Average Henry County Tax Bill
$2,634
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 | $1,683 | $2,609 | $3,871 | $5,541 | $7,734 |
Source: Ownwell