Budget and CAFR
The Annual Budget, Comprehensive Annual Financial Report (CAFR) and Annual City Treasurer's Report may be found in the document center to the right.
Hotel/ Motel Occupancy Tax
The City of Galesburg collects a 9% hotel motel occupancy tax on all hotel or motel room rentals within the city limits of Galesburg. A portion of monies collected for hotel motel room rentals is paid to other agencies. The Galesburg Tourism Council receives 3% of collections, Galesburg Promise receives 2% and the Knox County Civic Center receives 2% of collections.
Motor Fuel Tax
The City of Galesburg collects a four and one-half cents(.045) per gallon motor fuel tax. Motor fuel taxes collected by the City are deposited into the City Gas Tax Special Revenue Fund to be used for road construction projects within the city limits of Galesburg.
Prepared Food and Liquor Tax
The City of Galesburg collects a 2% Prepared Food and Liquor Tax on the sale of prepared food and liquor within the city limits of Galesburg. Prepared Food and Liquor Tax collected are deposited into the City General Fund and are used to fund services provided by the City’s General Fund.
Property taxes are assessed in December each year and attach as an enforceable lien on the property as of January 1. The taxes become collectible in June and September and are collected by the Knox County Collector who in turn remits to the respective taxing body their share. The City Assessor determines the assessed valuation of City property. The assessed valuation approximates 1/3 of the market value of the property. City of Galesburg residents pay a property taxes based on a property tax rate per $100 of equalized assessed valuation of their property. The tax rate paid by City of Galesburg residents includes the City tax rate, Town of the City of Galesburg tax rate, School District #205 tax rate, Carl Sandburg College tax rate, Knox County tax rate and the Sanitary District tax rate.
To determine your tax liability, divide the assessed value of your home (1/3 of the market value) by 100, and then multiply by the current tax rate. For example, based on the 2015 tax levy year, a home with a market value of $80,000, assessed value of $26,666 with no exemptions, would pay $2,624, ($26,666/100*$9.83920). Of the $2,624, 28% or $729 is used by the City for general services, debt and pensions.