Coal Valley, Henry County, Illinois Property Taxes

Name: Property Tax Bills Across Coal Valley, Henry County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Coal Valley, IL effective property tax rate: 2.30%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Coal Valley, IL home value: $244,998
Median annual Coal Valley, IL tax bill: $5,345, $2,945 higher than the national median property tax bill of $2,400.

How are property taxes in Henry County calculated?

Property taxes in Coal Valley, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Coal Valley’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Coal Valley, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Coal Valley, Henry County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.3%

Estimate Property Tax Bill

$5,635

$5,229

Ownwell’s Coal Valley Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Coal Valley with just two data points. By entering your property's estimated assessed value, our calculator applies Coal Valley’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Henry County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Coal Valley, Henry County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services annually and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Coal Valley in Henry County, IL, has an effective property tax rate of 2.30%, which is significantly higher than the national median property tax rate of 1.02%. This rate is also the highest and lowest within the 61240 zip code, indicating uniformity in the area's tax assessments. When compared to the national median property tax bill of $2,400, residents in Coal Valley may find themselves paying more due to the higher tax rate. Understanding these local tax rates can help property owners make informed decisions about potential savings through tax appeals or exemptions.

Property Tax Rates Across Coal Valley, Henry County, Illinois

Source: Ownwell

1.96%

2.25%

2.55%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Coal Valley Tax Rate

2.30%

Median Effective Henry County Tax Rate

2.38%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Coal Valley, Henry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61240	1.96%	2.16%	2.30%	2.42%	2.50%

Source: Ownwell

Property Tax Assessment Values Across Coal Valley, Henry County, Illinois

When examining property taxes in Coal Valley, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Henry County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Henry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Coal Valley.

For example, the median home price in Coal Valley is $244,998, with tax bills ranging significantly across the county. Zip code 61240 has the highest median home price at $244,998.

Property Tax Assessment Values Across Coal Valley, Henry County, Illinois

Source: Ownwell

$49,584

$147,291

$244,998

Median Coal Valley Market Value

$244,998

Median Henry County Market Value

$112,041

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Coal Valley, Henry County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61240	$113,754	$184,596	$244,998	$350,262	$439,772

Source: Ownwell

Property Tax Bills Across Coal Valley, Henry County, Illinois

In Coal Valley, located in Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as local government budgets, school funding needs, and public services impact the tax rate, directly affecting homeowners. In Coal Valley, the tax bill can range significantly, with the 25th percentile at $3,762 and the 75th percentile reaching $8,188, reflecting the variability based on property value and location. This range is considerably higher than the national median property tax bill of $2,400, indicating a heavier tax burden for some homeowners in this area. Ownwell can assist homeowners by offering expert property tax appeal services. By analyzing property assessments and identifying discrepancies or overvaluations, Ownwell helps homeowners potentially lower their tax bills, ensuring they pay only their fair share and alleviating some of the financial burdens associated with property ownership.

Property Tax Bills Across Coal Valley, Henry County, Illinois

Source: Ownwell

$1,211

$3,278

$5,345

Median Coal Valley Tax Bill

$5,345

Median Henry County Tax Bill

$2,634

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Coal Valley, Henry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61240	$2,213	$3,762	$5,345	$8,188	$10,714

Source: Ownwell