Pecatonica, Illinois Property Taxes
The median property tax rate in Pecatonica, IL is 2.34%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Pecatonica, the typical annual property tax bill reaches $5,269, well above 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
2.34%
Estimate Property Tax Bill
$5,281
$5,160
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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Pecatonica, Illinois
Property taxes in Pecatonica, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pecatonica is 2.34%, 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 counties in Illinois and the national median. For comparison, the 61063 zip code has the highest median property tax rate of 2.34%, while the same zip code also has the lowest median tax rate of 2.34%. Understanding how these cities compare with Pecatonica provides valuable insights into the varying tax landscape across Stephenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pecatonica Tax Rate
2.34%
Average Stephenson County Tax Rate
3.21%
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 | 2.11% | 2.19% | 2.34% | 2.45% | 2.52% |
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 local 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. 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. In Stephenson County, the zip code 61063 has the median tax bill of $5,269.
Average Pecatonica Assessed Value
$225,663
Average Stephenson County Assessed Value
$60,276
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 | $147,584 | $176,864 | $225,663 | $240,462 | $249,341 |
Source: Ownwell
Property Tax Bills Across Pecatonica, Illinois
In Pecatonica, located in Stephenson County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, determined by the county assessor. For example, with a median home price of $225,663, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $3,947, while those in the 75th percentile pay approximately $5,912. At the 90th percentile, the tax bill can reach up to $6,298. These property tax bills are influenced by several factors, including the home's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Pecatonica experience a relatively higher tax burden. This can impact household budgets, making it crucial for homeowners to understand how their tax bill is determined and explore potential exemptions or appeals to manage costs effectively.
Average Pecatonica Tax Bill
$5,269
Average Stephenson County Tax Bill
$1,883
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 | $3,153 | $3,947 | $5,269 | $5,912 | $6,298 |
Source: Ownwell