Pearl, Illinois Property Taxes
The median property tax rate in Pearl, Illinois is 2.10%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Pearl, the typical annual property tax bill reaches $870, which is below the national median of $2,690. Property taxes in Pearl are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Pearl'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 Pearl 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
Pearl, 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 Pearl Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pearl with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pearl 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 Pearl, Illinois
Property taxes in Pearl, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pearl is 2.10%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Pearl set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pearl 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 Pearl's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62361 has the highest median property tax rate of 2.10%, while the same zip code also has the lowest median tax rate of 2.10%. Understanding how these cities compare with Pearl provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pearl Tax Rate
2.10%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pearl, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62361 | 0.72% | 1.46% | 2.10% | 2.21% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Pearl, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pearl, Illinois. 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 Pike 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 Pearl, 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. For example, the highest median tax bill in Pearl is $870 in the 62361 zip code, while the lowest median tax bill is also $870 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pearl Assessed Value
$53,580
Average Pike County Assessed Value
$72,180
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pearl, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62361 | $16,101 | $27,705 | $53,580 | $101,512 | $147,510 |
Source: Ownwell
Property Tax Bills Across Pearl, Illinois
In Pearl, located in Pike County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Pearl stands at $53,580. Property taxes are then determined by applying the local tax rate to the assessed value. For example, the 25th percentile tax bill is $427, while the 75th percentile tax bill is $1,887. Homeowners in the 90th percentile can expect a tax bill of around $2,896. These tax bills can significantly impact homeowners, as they contribute to the overall cost of owning a home. Compared to the national median property tax rate of 0.99%, Pearl's property taxes can vary widely depending on the assessed value and specific local rates. This variability means that homeowners need to budget carefully to accommodate their annual property tax obligations, which can influence decisions on purchasing or maintaining a home in the area.
Average Pearl Tax Bill
$870
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Pearl, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62361 | $157 | $427 | $870 | $1,887 | $2,896 |
Source: Ownwell