Colona, Henry County, Illinois Property Taxes
Property Taxes in Colona, Illinois
Median Colona, Illinois effective property tax rate: 2.26%, significantly lower than the national median of 1.02%, and lower than the Illinois state median of 2.33%.
Median Colona, Illinois home value: $152,685
Median annual Colona, Illinois tax bill: $3,353, higher than the national median property tax bill of $2,400.
How are property taxes in Henry calculated?
Property taxes in Colona, Illinois 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 April 13, 2026
Colona, Henry County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.26%
Estimate Property Tax Bill
$3,451
$3,202
How Does the Colona Property Tax Calculator Work?
Use this Colona property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Colona's median effective tax rate of 2.26% — based on actual property records in Henry County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Colona's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Colona: rates range from 3,353 in 61241 to 3,353 in 61241, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Colona.
About Colona Property Taxes
About Property Taxes in Colona, Henry, Illinois
Colona’s median effective property tax rate of 2.26% is lower than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the Henry County base levy combined with local school district levies and special service areas that can vary by subdivision throughout the city.
Property tax rates are not uniform across Colona. Homeowners in ZIP code 61241 carry a median effective rate of 2.26%, and the same ZIP code also has a median property tax bill of $3,353. That bill is higher than the national median property tax bill of $2,400.
Colona homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Colona, Henry County, Illinois
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because 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.
Our median effective property tax rate (tax bill Ă· 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
2.26%
Our median effective property tax rate (tax bill Ă· 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
2.16%
Median Effective Illinois Tax Rate
2.33%
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 | 1.57% | 1.92% | 2.26% | 2.52% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Colona, Henry County, Illinois
When examining property taxes in Colona, Illinois, 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 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 in Henry County are sent in the spring each year and typically reach your mailbox by the middle of the season. Each property owner receives a notice that includes both the market value and assessed value, along with an estimate of your property tax bill.
For example, the median home price in Colona is $152,685, with tax bills ranging across the county. ZIP code 61241 has the highest median home price at $152,685.
Property Tax Assessment Values Across Colona, Henry County, Illinois
Source: Ownwell
$61,581
$177,236
$292,890
Median Colona Market Value
$152,685
Median Henry County Market Value
$132,510
Median Illinois Market Value
$227,888
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 | $73,751 | $106,104 | $152,685 | $211,782 | $274,010 |
Source: Ownwell
Property Tax Bills Across Colona, Henry County, Illinois
How are property tax bills calculated in Colona?
Property tax bills in Colona are based on a home’s assessed value and the local tax rate set by taxing authorities in Henry County. The assessed value is compared with the market value of the property, and that figure is used to determine how much tax is owed. Local budgets, school districts, and other public services all influence the final bill.
What factors affect a homeowner’s property tax bill?
A homeowner’s bill depends on the value of the property, the assessment level, and the tax rates applied in the area. In Colona, the median home price is $152,685, and the median property tax bill is $3,353, which is above the national median property tax bill of $2,400 and the national median property tax rate of 1.02%.
How does this affect homeowners?
Higher assessed values can lead to higher tax bills, even if a homeowner’s income does not change. For many homeowners, this means property taxes can be one of the largest ongoing housing costs.
Median Colona Tax Bill
$3,353
Median Henry County Tax Bill
$2,832
Median Illinois Tax Bill
$5,277
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 | $1,395 | $2,238 | $3,353 | $4,644 | $6,000 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| Henry Tax Assessor | |
| Website | henryil.devnetwedge.com |