Average Tax Assessment in Henry County
Real Estate Values and Property Tax Valuation in Henry County, Illinois
Henry County has 21,039 properties with a cumulative value of $2.7B, representing 0.38% of all real estate value in Illinois. Property taxes in Henry County totaled $62.4M, with an average of $3,034 paid by each homeowner, which is lower than the state average of $5,405. The average property tax rate in Henry County is 2.34%, lower than the state average of 2.47%. Property taxes are calculated based on the assessed value of the property, which is typically lower than the market value.
In Illinois, property taxes are based on the value of the property as of January 1st. Property owners have the option to appeal their property taxes between June and December, or within 30 days of when the notices are published. Property tax bills are issued on February 1st and July 1st, with the first installment due on June 1st in Cook County. This first installment is estimated at 55% of the prior year's tax bill, with taxes paid in arrears.
Updated November 01, 2023
| Important Links | |
|---|---|
| Henry Assessor | (765) 529-2104 |
| Henry Commissioner of Revenue/Assessor | (276) 634-4610 |
| Henry Judge of Probate | (334) 585-3257 |
| Henry Recorder | (660) 885-7209 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Tax Appeal Deadline: | June - December or 30 days after notices are published |
| Property Tax Bills Issued: | February 1st and July 1st |
| Real Property Tax Bill Due (1st of #): | June, Two installments but due dates may vary by county March 1st, Cook County - 1st half installment, estimated at 55% of prior year tax bill with taxes paid in arrears. |
| Real Property Tax Bill Due (2nd of #): | September, Two installments but due dates may vary by county August 1, Cook County - 2nd half installment - TARGETED but may be delayed - due 30 days after being issued. Reconciled installment using the BOR certified AV, actual local tax rate, and final state equalization factor, less the estimated 1st installment with taxes paid in arrears |
| Available Exemptions | |
|---|---|
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Henry County
Residential Property Taxes by Cities in Henry County
Henry County has an average property tax rate of 2.34%, which is slightly lower than the national average of 2.48%. This rate is applied to the assessed value of a property to calculate the amount of taxes due. Property taxes in Henry County are collected by the county and distributed to the various cities and townships in the county.
The effective property tax rate in Henry County varies across the cities, with Kewanee having the highest rate of 2.57% and Orion having the lowest rate of 2.18%. This means that property owners in Kewanee will pay more in taxes than those in Orion. However, the average property tax bill in Henry County is still relatively low at $3,034. This is lower than the national average of $3,498.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Henry County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alpha | $37,729 | $64,761 | $95,622 | $145,302 | $209,765 |
| Annawan | $52,936 | $77,190 | $111,225 | $167,030 | $260,268 |
| Atkinson | $53,175 | $76,953 | $116,706 | $161,973 | $249,558 |
| Cambridge | $49,838 | $74,653 | $104,304 | $153,332 | $236,285 |
| Coal Valley | $104,159 | $170,228 | $218,715 | $325,776 | $400,628 |
| Colona | $63,546 | $89,628 | $122,403 | $165,249 | $208,419 |
| Galva | $27,108 | $42,346 | $60,756 | $91,618 | $148,296 |
| Geneseo | $76,520 | $114,057 | $162,922 | $223,702 | $305,620 |
| Kewanee | $20,994 | $31,071 | $45,912 | $75,855 | $132,342 |
| Lynn Center | $48,700 | $100,194 | $159,660 | $233,535 | $334,973 |
| Orion | $77,377 | $110,644 | $146,853 | $194,156 | $261,959 |
| Woodhull | $36,721 | $66,567 | $98,817 | $136,584 | $188,684 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Henry County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alpha | $753 | $1,290 | $2,121 | $3,365 | $5,139 |
| Annawan | $882 | $1,745 | $2,544 | $4,132 | $6,696 |
| Atkinson | $959 | $1,613 | $2,541 | $3,802 | $5,876 |
| Cambridge | $962 | $1,619 | $2,459 | $3,861 | $6,095 |
| Coal Valley | $2,054 | $3,541 | $4,920 | $7,694 | $9,974 |
| Colona | $1,319 | $2,114 | $3,045 | $4,040 | $5,119 |
| Galva | $493 | $898 | $1,469 | $2,339 | $3,948 |
| Geneseo | $1,608 | $2,516 | $3,710 | $5,249 | $7,384 |
| Kewanee | $367 | $663 | $1,186 | $2,160 | $3,800 |
| Lynn Center | $1,097 | $2,113 | $3,763 | $5,742 | $8,851 |
| Orion | $1,470 | $2,288 | $3,172 | $4,379 | $6,073 |
| Woodhull | $686 | $1,377 | $2,198 | $3,295 | $4,803 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alpha | 2.00% | 1.99% | 2.22% | 2.32% | 2.45% |
| Annawan | 1.67% | 2.26% | 2.29% | 2.47% | 2.57% |
| Atkinson | 1.80% | 2.10% | 2.18% | 2.35% | 2.35% |
| Cambridge | 1.93% | 2.17% | 2.36% | 2.52% | 2.58% |
| Coal Valley | 1.97% | 2.08% | 2.25% | 2.36% | 2.49% |
| Colona | 2.08% | 2.36% | 2.49% | 2.44% | 2.46% |
| Galva | 1.82% | 2.12% | 2.42% | 2.55% | 2.66% |
| Geneseo | 2.10% | 2.21% | 2.28% | 2.35% | 2.42% |
| Kewanee | 1.75% | 2.13% | 2.58% | 2.85% | 2.87% |
| Lynn Center | 2.25% | 2.11% | 2.36% | 2.46% | 2.64% |
| Orion | 1.90% | 2.07% | 2.16% | 2.26% | 2.32% |
| Woodhull | 1.87% | 2.07% | 2.22% | 2.41% | 2.55% |
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Real Estate Values in Henry County
The median home price in Henry County, Illinois has decreased significantly from October 2022 to October 2023, dropping by 70.52%. This indicates a downward trend in home prices in the area. Additionally, the home inventory in Henry County has increased slightly from 67 in October 2022 to 70 in October 2023. This suggests that there is an increase in the number of homes available for sale in the area.
Average Home Value in Henry County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Henry County
Last updated: November 2023
Percent Change in New Home Listings in Henry County
Last updated: November 2023
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Mortgage Rates in Henry County
Mortgages in Henry County are a major source of financing for homeowners. According to recent statistics, there is a total of $666.7M in outstanding loans across the county. This represents 6.2K loans, or approximately 10% of the total home value in the county. The median mortgage rate in Henry County varies across cities, with Kewanee having the highest rate at 4.5% and Coal Valley having the lowest rate at 4%. This variation in rates allows homeowners to find the best deal for their financial situation.
Overall, mortgages in Henry County are an important source of financing for homeowners. With a total of $666.7M in outstanding loans, it is clear that mortgages are a popular choice for financing a home. Additionally, the variation in rates across cities allows homeowners to find the best deal for their financial situation. With the right mortgage, homeowners in Henry County can find the perfect financing option for their needs.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Henry County by city.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alpha | $27,929 | $44,333 | $70,850 | $105,467 | $175,713 |
| Annawan | $40,369 | $56,847 | $80,519 | $124,483 | $186,920 |
| Atkinson | $31,208 | $51,235 | $75,467 | $109,862 | $166,464 |
| Cambridge | $30,614 | $54,307 | $75,394 | $109,376 | $162,212 |
| Coal Valley | $70,897 | $116,842 | $171,905 | $241,525 | $327,428 |
| Colona | $45,062 | $67,030 | $98,406 | $137,221 | $189,500 |
| Galva | $17,494 | $32,628 | $52,888 | $83,875 | $128,894 |
| Geneseo | $48,295 | $76,492 | $115,226 | $158,872 | $209,865 |
| Kewanee | $11,391 | $25,718 | $43,258 | $67,690 | $107,772 |
| Lynn Center | $30,830 | $64,773 | $114,130 | $200,109 | $278,010 |
| Orion | $49,679 | $72,994 | $104,366 | $137,698 | $192,841 |
| Woodhull | $29,775 | $47,460 | $70,323 | $105,741 | $120,820 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Henry County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alpha | 2.91% | 3.53% | 4.12% | 4.89% | 6.21% |
| Annawan | 2.89% | 3.55% | 4.12% | 4.91% | 6.11% |
| Atkinson | 3.13% | 3.62% | 4.12% | 4.90% | 6.20% |
| Cambridge | 3.00% | 3.62% | 4.25% | 4.91% | 6.20% |
| Coal Valley | 2.86% | 3.50% | 4.00% | 4.83% | 5.91% |
| Colona | 2.91% | 3.50% | 4.12% | 5.00% | 6.15% |
| Galva | 3.08% | 3.63% | 4.40% | 5.51% | 6.29% |
| Geneseo | 2.90% | 3.50% | 4.08% | 4.96% | 6.17% |
| Kewanee | 3.00% | 3.62% | 4.50% | 5.53% | 6.33% |
| Lynn Center | 3.10% | 3.62% | 4.35% | 5.10% | 6.18% |
| Orion | 2.90% | 3.50% | 4.00% | 4.79% | 5.98% |
| Woodhull | 2.87% | 3.50% | 4.27% | 5.25% | 6.23% |
Housing Expenses in Henry County, Illinois
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