Piper City, Illinois Property Taxes
The median property tax rate in Piper City, IL is 2.94%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $133,952, the typical annual property tax bill in Piper City reaches $3,938, far exceeding the national median of $2,690. Property taxes in Piper City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Piper City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Piper City or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Piper City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.94%
Estimate Property Tax Bill
$3,938
$3,848
Ownwell’s Piper City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Piper City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Piper City to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Piper City, Illinois
Property taxes in Piper City, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Piper City is 2.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Piper City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Piper City estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Piper City's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60959 has the highest median property tax rate of 2.94%, while the lowest median tax rate is also 2.94% in the same zip code. Understanding how these cities compare with Piper City provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Piper City Tax Rate
2.94%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Piper City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60959 | 1.92% | 2.45% | 2.94% | 3.36% | 3.71% |
Source: Ownwell
Property Tax Assessment Values Across Piper City, Illinois
In Piper City, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Livingston County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Piper City, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Piper City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 60959, with a median bill of $3,938.
Average Piper City Assessed Value
$133,952
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Piper City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60959 | $88,599 | $107,900 | $133,952 | $213,290 | $255,882 |
Source: Ownwell
Property Tax Bills Across Piper City, Illinois
In Piper City, located in Livingston County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio. This value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Piper City, the median home price stands at $133,952. The property tax bills can vary significantly, with the 25th percentile tax bill at $2,689 and the 75th percentile reaching up to $7,263. The 90th percentile climbs even higher to $9,530. These figures illustrate the range of property tax burdens homeowners might face, depending on their property's assessed value and the applicable tax rate. Compared to the national median property tax rate of 0.99%, homeowners in Piper City may experience different levels of financial impact, highlighting the importance of understanding local property tax calculations and their implications.
Average Piper City Tax Bill
$3,938
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Piper City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60959 | $1,743 | $2,689 | $3,938 | $7,263 | $9,530 |
Source: Ownwell