Princeton, Illinois Property Taxes
The median property tax rate in Princeton, IL is 2.21%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Princeton at $119,187, the typical annual property tax bill reaches $2,541, closely aligning with the national median of $2,690. Property taxes in Princeton 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 Princeton'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 Princeton or another part of Bureau County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$2,634
$2,574
Ownwell’s Princeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Princeton, Illinois
Property taxes in Princeton, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 2.21%, significantly higher than the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61356 zip code has the highest median property tax rate of 2.21%, while the same zip code also has the lowest median tax rate of 2.21%. Understanding how these cities compare with Princeton provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Princeton Tax Rate
2.21%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61356 | 1.44% | 1.85% | 2.21% | 2.47% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Princeton, Illinois. The market value represents 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 Bureau 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 Princeton, 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. For instance, the median home price in Princeton is $119,187, with tax bills ranging from $1,631 at the 25th percentile to $5,166 at the 90th percentile. The highest and lowest median tax bills are both $2,541 in the 61356 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Princeton Assessed Value
$119,187
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Princeton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61356 | $55,406 | $82,762 | $119,187 | $173,253 | $232,581 |
Source: Ownwell
Property Tax Bills Across Princeton, Illinois
In Princeton, located in Bureau 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, the median home price in Princeton is $119,187. The tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as local government budgets, school funding, and public services influence the tax rate. Homeowners in Princeton experience a range of property tax bills. At the 25th percentile, the tax bill is approximately $1,631, while at the 75th percentile, it rises to around $3,850. The top 10% of tax bills can reach up to $5,166. These figures highlight the variability in property taxes, which can significantly impact household finances. Notably, the median tax bill in Princeton's 61356 zip code stands at $2,541, aligning with the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their budgets accordingly.
Average Princeton Tax Bill
$2,541
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61356 | $966 | $1,631 | $2,541 | $3,850 | $5,166 |
Source: Ownwell