Galesburg, Knox County, Illinois Property Taxes

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

Median Galesburg, IL effective property tax rate: 2.42%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Galesburg, IL home value: $66,720
Median annual Galesburg, IL tax bill: $1,486, $914 lower than the national median property tax bill of $2,400.

How are property taxes in Knox calculated?

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

Last Updated March 1, 2025

Galesburg, Knox County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.42%

Estimate Property Tax Bill

$1,615

$1,498

Ownwell’s Galesburg Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Galesburg with just two data points. By entering your property's estimated assessed value, our calculator applies Galesburg’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 Knox County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Galesburg, Knox 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 Galesburg’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Galesburg, located in Knox County, Illinois, has a median property tax rate of 2.42%. This is significantly higher than the national median property tax rate of 1.02%. Homeowners in Galesburg face a substantial tax burden compared to the average American homeowner. This elevated rate reflects the local government's budgetary needs and the total value of taxable properties in the area. Despite this, property owners can explore potential savings through appeals and exemptions. Understanding the local property tax landscape is crucial for homeowners aiming to manage their expenses effectively.

Property Tax Rates Across Galesburg, Knox County, Illinois

Source: Ownwell

0.27%

1.39%

2.52%

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 Galesburg Taxx Rate

2.42%

Median Effective Knox County Taxx Rate

2.31%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Galesburg, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61401	1.32%	1.96%	2.42%	3.16%	3.16%
61402	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Galesburg, Knox County, Illinois

When examining property taxes in Galesburg, 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 Knox 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.

Assessment notices: In Knox County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Galesburg. For example, the median home price in Galesburg is $66,720, with tax bills ranging significantly across the county. 61401 has the highest median home price at $66,705.

Property Tax Assessment Values Across Galesburg, Knox County, Illinois

Source: Ownwell

$41,790

$1,323,092

$2,604,393

Median Galesburg Market Value

$66,720

Median Knox County Market Value

$78,330

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Galesburg, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61401	$19,800	$38,932	$66,705	$106,110	$166,245
61402	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Galesburg, Knox County, Illinois

In Galesburg, located in Knox County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. In Galesburg, the median property tax bill is $1,486, which is below the national median of $2,400. Factors such as local government budgets, school funding, and public services influence the tax rate, affecting homeowners' annual expenses. For those at the 25th percentile, the tax bill is $780, while at the 75th percentile, it rises to $2,556, and at the 90th percentile, it reaches $4,075. This variation shows how property taxes can significantly impact household finances. Ownwell assists homeowners by providing property tax appeal and exemption services, potentially reducing these bills. By analyzing property assessments and identifying discrepancies, Ownwell helps ensure homeowners pay only their fair share, offering valuable savings and financial relief.

Property Tax Bills Across Galesburg, Knox County, Illinois

Source: Ownwell

$748

$4,362

$7,975

Median Galesburg Tax Bill

$1,486

Median Knox County Tax Bill

$1,699

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Galesburg, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61401	$396	$780	$1,486	$2,556	$4,074
61402	N/A	N/A	N/A	N/A	N/A

Source: Ownwell