Princeton, Bureau County, Illinois Property Taxes

Name: Property Tax Bills Across Princeton, Bureau County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Princeton, IL effective property tax rate: 2.21%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Princeton, IL home value: $119,187
Median annual Princeton, IL tax bill: $2,541, $141 higher than the national median property tax bill of $2,400.

How are property taxes in Bureau calculated?

Property taxes in Princeton, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Princeton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Princeton, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Princeton, Bureau County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.21%

Estimate Property Tax Bill

$2,634

$2,444

Ownwell’s Princeton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, our calculator applies Princeton’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Bureau County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Princeton, Bureau County, Illinois

Local government entities determine tax rates, which can significantly vary within Illinois. Each county calculates its required budget for services and divides that by the total value of all taxable property in its area. This process determines the property tax rate. While voting and legislation play roles in setting these rates and budgets, this is essentially how it works annually.

Princeton in Bureau County, Illinois, is an example of how property tax rates can differ within the state. The effective property tax rate here stands at 2.21%, significantly higher than the national median of 1.02%. This rate is also the highest and lowest in the area, showcasing the uniformity within Princeton.

Comparatively, Illinois often has higher property tax rates than many other states, and Princeton exemplifies this trend. When considering property taxes in Illinois, it's essential to understand these variations and how they impact your financial planning. Utilizing property tax appeal services can be a strategic way to manage and potentially reduce your tax burden.

Property Tax Rates Across Princeton, Bureau County, Illinois

Source: Ownwell

1.53%

2.27%

3.01%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Princeton Taxx Rate

2.21%

Median Effective Bureau County Taxx Rate

2.33%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Princeton, Bureau County, 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, Bureau County, Illinois

When examining property taxes in Princeton, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Bureau County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Bureau County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Princeton.

For example, the median home price in Princeton is $119,187, with tax bills ranging significantly across the county. Zip code 61356 has the highest median home price at $119,187.

Property Tax Assessment Values Across Princeton, Bureau County, Illinois

Source: Ownwell

$45,459

$138,476

$231,492

Median Princeton Market Value

$119,187

Median Bureau County Market Value

$89,799

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Princeton, Bureau County, 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, Bureau County, Illinois

In Princeton, 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. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding needs, and public services influence the tax rate. Homeowners in Princeton face a median tax bill of $2,541, which is slightly above the national median of $2,400, with bills ranging from $1,631 at the 25th percentile to $5,166 at the 90th percentile. This variability means homeowners can experience significant differences in their tax obligations. Ownwell assists homeowners by reviewing their property assessments to identify potential inaccuracies or opportunities for exemptions. By filing appeals or seeking exemptions, Ownwell can help reduce the financial burden of property taxes, ensuring homeowners in Princeton only pay their fair share. This service can lead to substantial savings, providing peace of mind and financial relief.

Property Tax Bills Across Princeton, Bureau County, Illinois

Source: Ownwell

$514

$2,463

$4,412

Median Princeton Tax Bill

$2,541

Median Bureau County Tax Bill

$2,024

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Princeton, Bureau County, 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