Colona, Illinois Property Taxes
The median property tax rate in Colona, IL is 2.46%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Colona, the typical annual property tax bill reaches $3,119, exceeding the national median of $2,690. Property taxes in Colona 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 Colona'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 Colona 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
Colona, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.46%
Estimate Property Tax Bill
$3,160
$2,932
Ownwell’s Colona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colona 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 Colona, Illinois
Property taxes in Colona, Illinois, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Colona is 2.46%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Colona set these rates annually, and they can vary across different neighborhoods. Each year, Colona 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 Colona's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61241 zip code has both the highest and lowest median property tax rate of 2.46%. Understanding how these areas compare with Colona 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 Colona Tax Rate
2.46%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colona, 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, Illinois
In Colona, 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 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 Colona, 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 Colona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Colona's median tax bill stands at $3,119, with the highest and lowest median tax bills both found in the 61241 zip code.
Average Colona Assessed Value
$128,454
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 Colona, 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, Illinois
In Colona, Henry County, IL, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is typically a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For instance, homeowners in Colona can expect a median tax bill of around $3,119, which is notably higher than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value, local government budgets, and voter-approved measures. For homeowners, this means that fluctuations in property values or changes in local tax rates can significantly impact their annual tax obligations. In Colona, the tax bills range widely, with the 25th percentile paying around $2,093 and the 90th percentile facing bills as high as $5,502. This variability underscores the importance of understanding how local assessments and tax rates can affect your financial planning as a homeowner.
Average Colona Tax Bill
$3,119
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Colona, 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