Colona, Henry County, Illinois Property Taxes
Median Colona, IL effective property tax rate: 2.46%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Colona, IL home value: $128,454
Median annual Colona, IL tax bill: $3,119, $719 higher than the national median property tax bill of $2,400.
How are property taxes in Henry County calculated?
Property taxes in Colona, 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 Colona’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Colona, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Colona, Henry County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.46%
Estimate Property Tax Bill
$3,160
$2,932
Property Tax Rates Across Colona, Henry County, Illinois
Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services 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. Below, you can compare Colona’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
In Colona, located in Henry County, the property tax rate is significantly higher than the national median. Illinois, with its diverse range of tax rates, showcases Colona as one of the areas with the highest rates in the state. This is a stark contrast to the national median property tax rate of 1.02%. Understanding these differences is crucial for property owners when planning their finances and considering potential savings through property tax appeals or exemptions.
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 Colona Tax Rate
2.46%
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 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 Colona, Henry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61241 | 1.79% | 2.11% | 2.46% | 2.73% | 3.25% |
Source: Ownwell
Property Tax Assessment Values Across Colona, Henry County, Illinois
When examining property taxes in Colona, 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 Colona. For example, the median home price in Colona is $128,454, with tax bills ranging significantly across the county. 61241 has the highest median home price at $128,454.
Property Tax Assessment Values Across Colona, Henry County, Illinois
Source: Ownwell
$49,584
$147,291
$244,998
Median Colona Market Value
$128,454
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 Colona, Henry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61241 | $62,077 | $89,343 | $128,454 | $178,254 | $229,667 |
Source: Ownwell
Property Tax Bills Across Colona, Henry County, Illinois
Median Colona Tax Bill
$3,119
Median Henry County Tax Bill
$2,634
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Colona, Henry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61241 | $1,282 | $2,093 | $3,119 | $4,293 | $5,502 |
Source: Ownwell