Genoa, Illinois Property Taxes
The median property tax rate in Genoa, IL is 2.60%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Genoa at $216,030, the typical annual property tax bill reaches $5,460, exceeding the national median of $2,690. Property taxes in Genoa 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 Genoa'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 Genoa 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
Genoa, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.6%
Estimate Property Tax Bill
$5,617
$5,212
Ownwell’s Genoa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Genoa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Genoa 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 Genoa, Illinois
Property taxes in Genoa, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Genoa is 2.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Genoa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Genoa 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 Genoa's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60135 zip code has the highest median property tax rate of 2.60%, while the same 60135 zip code also has the lowest median tax rate of 2.60%. Understanding how these cities compare with Genoa provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Genoa Tax Rate
2.60%
Average Boone County Tax Rate
2.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genoa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60135 | 2.48% | 2.53% | 2.60% | 2.76% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Genoa, Illinois
In Genoa, 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 Boone County Assessor 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 Genoa, 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 Genoa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 60135 has the highest and lowest median tax bill at $5,460.
Average Genoa Assessed Value
$216,030
Average Boone County Assessed Value
$166,186
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Genoa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60135 | $134,111 | $183,816 | $216,030 | $226,764 | $289,132 |
Source: Ownwell
Property Tax Bills Across Genoa, Illinois
In Genoa, IL, located in Boone County, 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. For example, with a median home price of $216,030, homeowners in Genoa can expect varying tax bills. The 25th percentile tax bill is around $4,306, while those in the 75th percentile face bills closer to $5,756. At the 90th percentile, this figure can rise to $7,874. Several factors influence these tax bills, including the property's assessed value, the local tax rate, and any applicable exemptions. High property taxes can significantly impact homeowners, affecting their overall housing costs and potentially influencing decisions about buying or selling property. Compared to the national median property tax rate of 0.99%, Genoa's tax rates reflect the local government's budgetary needs and priorities.
Average Genoa Tax Bill
$5,460
Average Boone County Tax Bill
$4,339
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Genoa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60135 | $3,765 | $4,306 | $5,460 | $5,756 | $7,874 |
Source: Ownwell