Genoa, Boone County, Illinois Property Taxes
Median Genoa, IL effective property tax rate: 2.60%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Genoa, IL home value: $216,030
Median annual Genoa, IL tax bill: $5,460, $3,060 higher than the national median property tax bill of $2,400.
How are property taxes in Boone calculated?
Property taxes in Genoa, 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 Genoa’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Genoa, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Genoa, Boone County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.6%
Estimate Property Tax Bill
$5,617
$5,212
Property Tax Rates Across Genoa, Boone 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.
In Genoa, located in Boone County, Illinois, the effective property tax rate is notably different from other regions. Illinois itself has a median property tax rate of 2.60%, which is significantly higher than the national median of 1.02%. This difference can lead to a higher property tax bill for homeowners in Illinois compared to those in other parts of the country. The median property tax bill in Illinois often exceeds the national median of $2,400, reflecting the higher rates.
Understanding these differences is crucial for homeowners in Genoa as they navigate their property tax obligations. By comparing Genoa's tax rate to other cities in Illinois and the national average, residents can better grasp their tax landscape and explore potential savings through appeals and 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 Genoa Tax Rate
2.60%
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 Boone County Tax Rate
2.69%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Genoa, Boone County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60135 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Genoa, Boone County, Illinois
When examining property taxes in Genoa, 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 Boone County Assessor 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: Boone County sends assessment notices 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 Genoa. For example, the median home price in Genoa is $216,030, with tax bills ranging significantly across the county. The 25th percentile tax bill is $4,306, while the 75th percentile tax bill is $5,756.
Property Tax Assessment Values Across Genoa, Boone County, Illinois
Source: Ownwell
$148,732
$234,346
$319,959
Median Genoa Market Value
$216,030
Median Boone County Market Value
$166,186
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Genoa, Boone County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60135 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Genoa, Boone County, Illinois
In Genoa, IL, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in the area is $216,030, which serves as a basis for calculating taxes. The assessed value is then multiplied by the local tax rate to determine the tax bill. Property taxes in Genoa can vary significantly, with the 25th percentile tax bill at $4,306 and the 75th percentile reaching $5,756. These figures are considerably higher than the national median property tax bill of $2,400. Such high tax bills can place a financial burden on homeowners, impacting their overall housing costs.
Ownwell offers a solution to alleviate this burden by providing property tax appeal and exemption services. By analyzing your property's assessed value and comparing it with market trends, Ownwell can identify discrepancies and file appeals on your behalf. This process can potentially lower your tax bill, allowing you to save money and reduce the financial strain associated with high property taxes in Genoa.
Median Genoa Tax Bill
$5,460
Median Boone County Tax Bill
$4,339
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Genoa, Boone County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60135 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell