Hotel/ Motel Occupancy Tax
The City of Galesburg collects a 10.8% 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 such as the Galesburg Tourism Council, the Galesburg Promise and the Knox County Civic Center.
Motor Fuel Tax
The City of Galesburg collects a four and one-half cents(.045) per gallon motor fuel tax. The motor fuel taxes collect by the City is 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. The collected Prepared Food and Liquor tax is deposited into the City General Fund and is used to fund services provided by the City’s General Fund.
Utility Tax
An electric and natural gas tax (Utility Tax) to fund capital improvements was approved at the July 6, 2015 Galesburg City Council meeting. The utility tax went into effect on January 1, 2016.
The gas tax rate is 5% of gross receipts for most customers and for others, $0.05 per therm and 5% of any natural gas service charges. The electric tax rate is based on a tiered scale and is charged per kilowatt-hour (kwh) used, with the rate ranging from 0.61 cents per kwh to 0.305 cents per kwh. The following table provides the monthly charge per kwh for each electric purchaser:
| Usage Per kwh Per Month | Cost Per kwh |
| First 2,000 | 0.610 |
| Next 48,000 | 0.400 |
| Next 50,000 | 0.360 |
| Next 400,000 | 0.350 |
| Next 500,000 | 0.340 |
| Next 2,000,000 | 0.320 |
| Next 2,000,000 | 0.315 |
| Next 5,000,000 | 0.310 |
| Next 10,000,000 | 0.305 |
| In excess of 20,000,000 | 0.300 |
Property Taxes
Property taxes are assessed in December each year and attached 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 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.