Pekin, Illinois Property Taxes
The median property tax rate in Pekin, IL is 2.47%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Pekin at $95,700, the typical annual property tax bill reaches $2,325, slightly below the national median of $2,690. Property taxes in Pekin 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 Pekin'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 Pekin 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
Pekin, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Pekin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pekin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pekin 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 Pekin, Illinois
Property taxes in Pekin, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pekin is 2.47%, significantly higher than the U.S. national median of 0.99%. Local government entities within Pekin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pekin 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 Pekin's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61554 has the highest median property tax rate of 2.47%, while the same zip code also has the lowest median tax rate of 2.47%. Understanding how these cities compare with Pekin provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pekin Tax Rate
2.47%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pekin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | 1.74% | 2.18% | 2.47% | 2.75% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across Pekin, Illinois
In Pekin, 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 Tazewell County Assessor 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 Pekin, 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 Pekin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 61554 has both the highest and lowest median tax bills, with values around $2,325.
Average Pekin Assessed Value
$95,700
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pekin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | $48,084 | $70,320 | $95,700 | $145,350 | $206,616 |
Source: Ownwell
Property Tax Bills Across Pekin, Illinois
In Pekin, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Tazewell County uses this assessed value to determine the tax bill by applying the local property tax rate. For homeowners in Pekin, this means that the median home price of $95,700 can result in varying tax bills depending on the specific assessment and tax rate applied. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, tax bills in Pekin range significantly, with the 25th percentile at $1,573 and the 75th percentile reaching $3,652. The highest median tax bill in the area is $2,325, which is notably higher than the national median property tax rate of 0.99%. These property taxes directly impact homeowners by contributing to essential public services like schools, infrastructure, and emergency services. Understanding how these taxes are calculated helps homeowners better manage their finances and anticipate annual expenses.
Average Pekin Tax Bill
$2,325
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Pekin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | $956 | $1,573 | $2,325 | $3,652 | $5,453 |
Source: Ownwell