West Peoria, Illinois Property Taxes
The median property tax rate in West Peoria, IL is 2.38%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in West Peoria at $75,690, the typical annual property tax bill reaches $1,765, exceeding the national median of $2,690. Property taxes in West Peoria 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 West Peoria'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 West Peoria 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
West Peoria, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$1,801
$1,760
Ownwell’s WEST PEORIA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WEST PEORIA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WEST PEORIA 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 West Peoria, Illinois
Property taxes in West Peoria, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Peoria is 2.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within West Peoria set these rates annually, and they can vary across different neighborhoods. Each year, West Peoria 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 West Peoria's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61604 zip code has the highest median property tax rate of 2.38%, while the same 61604 zip code also has the lowest median tax rate of 2.38%. Understanding how West Peoria compares with other regions provides valuable insights into the varying tax landscape across Peoria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average West Peoria Tax Rate
2.38%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Peoria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61604 | 1.66% | 2.13% | 2.38% | 2.96% | 2.96% |
Source: Ownwell
Property Tax Assessment Values Across West Peoria, Illinois
In West Peoria, 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 Peoria County Assessment Office 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. Assessment notices in West Peoria 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 West Peoria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in West Peoria is $75,690, with the highest and lowest median tax bills both being $1,765 in the 61604 zip code.
Average West Peoria Assessed Value
$75,690
Average Peoria County Assessed Value
$93,150
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across West Peoria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61604 | $34,500 | $58,680 | $75,690 | $92,010 | $111,804 |
Source: Ownwell
Property Tax Bills Across West Peoria, Illinois
In West Peoria, located in Peoria County, IL, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local assessor and is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, the median home price in West Peoria is $75,690, and the property tax rate is applied to this assessed value to determine the tax liability. Several factors influence the final tax bill, including the property's size, location, and any applicable exemptions. Homeowners in West Peoria can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is around $1,261, while the 75th percentile reaches $2,220, and the 90th percentile can go up to $2,812. These figures highlight the range of property tax burdens residents might face, impacting their overall financial planning and homeownership costs.
Average West Peoria Tax Bill
$1,765
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across West Peoria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61604 | $670 | $1,261 | $1,765 | $2,220 | $2,812 |
Source: Ownwell