North Pekin, Illinois Property Taxes
The median property tax rate in North Pekin, IL is 1.96%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in North Pekin at $82,650, the typical annual property tax bill reaches $1,589, which is below the national median of $2,690. Property taxes in North 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 North 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 North 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
North 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 North Pekin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Pekin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North 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 North Pekin, Illinois
Property taxes in North Pekin, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Pekin is 1.96%, significantly higher than the U.S. national median of 0.99%. Local government entities within North Pekin set these rates annually, and they can vary significantly across different neighborhoods. Each year, North 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 North Pekin's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61554 zip code has the highest median property tax rate of 1.96%, while the same zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with North 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 North Pekin Tax Rate
1.96%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Pekin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | 1.33% | 1.68% | 1.96% | 2.24% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across North Pekin, Illinois
In North 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 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 North 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 North Pekin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In North Pekin's 61554 zip code, homeowners face a median tax bill of $1,589, which aligns with the highest and lowest median tax bills in the area. The median home price in North Pekin is $82,650, with tax bills ranging from $1,151 at the 25th percentile to $3,172 at the 90th percentile.
Average North Pekin Assessed Value
$82,650
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 North Pekin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | $53,754 | $66,450 | $82,650 | $111,750 | $146,430 |
Source: Ownwell
Property Tax Bills Across North Pekin, Illinois
In North Pekin, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is estimated by local authorities. For homeowners, this means that fluctuations in the housing market directly impact their tax bills. The median home price in North Pekin is $82,650, and the property tax rate in Tazewell County is generally in line with the national median of 0.99%. This results in a median tax bill of around $1,589. Homeowners in the 25th percentile can expect a tax bill of approximately $1,151, while those in the 75th percentile might see bills around $2,313. For the top 10% of homes, tax bills can reach up to $3,172. Understanding these factors is crucial for homeowners, as higher assessed values and tax rates can significantly affect annual expenses. Properly managing and appealing property assessments can help mitigate these costs.
Average North Pekin Tax Bill
$1,589
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across North Pekin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | $769 | $1,151 | $1,589 | $2,313 | $3,172 |
Source: Ownwell