Pecatonica, Illinois Property Taxes
The median property tax rate in Pecatonica, IL is 2.43%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Pecatonica at $132,000, the typical annual property tax bill reaches $3,085, exceeding the national median of $2,690. Property taxes in Pecatonica 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 Pecatonica'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 Pecatonica 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
Pecatonica, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.43%
Estimate Property Tax Bill
$3,208
$3,134
Ownwell’s Pecatonica Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pecatonica with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pecatonica 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 Winnebago County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Pecatonica, Illinois
Property taxes in Pecatonica, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Pecatonica is 2.43%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Pecatonica set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pecatonica 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 Pecatonica's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61063 zip code has the highest median property tax rate of 2.43%, while the same zip code also has the lowest median tax rate of 2.43%. Understanding how these cities compare with Pecatonica provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pecatonica Tax Rate
2.43%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pecatonica, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61063 | 1.57% | 2.19% | 2.43% | 2.61% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Pecatonica, Illinois
In Pecatonica, 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 Winnebago 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 Pecatonica, 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. The median home price in Pecatonica is $132,000, with tax bills ranging from the 25th percentile at $2,137 to the 90th percentile at $5,475. The highest and lowest median tax bills are both $3,085 in the 61063 zip code. 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 Pecatonica helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pecatonica Assessed Value
$132,000
Average Winnebago County Assessed Value
$119,208
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pecatonica, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61063 | $74,292 | $102,159 | $132,000 | $168,069 | $216,057 |
Source: Ownwell
Property Tax Bills Across Pecatonica, Illinois
In Pecatonica, Winnebago County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $132,000, local assessors determine the taxable value, which is then multiplied by the local tax rate to generate the tax bill. The local tax rate is influenced by factors such as school funding, public services, and infrastructure needs. Homeowners in Pecatonica can expect a range in their tax bills. The 25th percentile tax bill is about $2,137, while the 75th percentile tax bill reaches $4,116. For those in the higher end of the spectrum, the 90th percentile tax bill is approximately $5,475. These figures highlight the variability in property tax burdens within the area, often reflecting differences in property values and local tax rates. The median property tax bill in Pecatonica is notably higher than the national median property tax rate of 0.99%, emphasizing the importance of understanding local tax assessments and their impact on homeowners.
Average Pecatonica Tax Bill
$3,085
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Pecatonica, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61063 | $1,036 | $2,137 | $3,085 | $4,116 | $5,475 |
Source: Ownwell