Petersburg, Illinois Property Taxes
The median property tax rate in Petersburg, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Petersburg at $154,590, the typical annual property tax bill reaches $3,496, exceeding the national median of $2,690. Property taxes in Petersburg 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 Petersburg'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 Petersburg 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
Petersburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$3,494
$3,242
Ownwell’s Petersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petersburg 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 Petersburg, Illinois
Property taxes in Petersburg, Illinois, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Petersburg is 2.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Petersburg set these rates annually, and they can vary across different neighborhoods. Each year, Petersburg 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 Petersburg's effective property tax rate to other areas and the national median. For comparison, the zip code 62675 has the highest and lowest median property tax rate of 2.26%. Understanding how these areas compare with Petersburg provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petersburg Tax Rate
2.26%
Average Cass County Tax Rate
2.27%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62675 | 2.06% | 2.25% | 2.26% | 2.27% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Petersburg, Illinois
In Petersburg, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 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 Petersburg, 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 Petersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62675, with a value of $3,496, which is above the national median property tax rate of 0.99%.
Average Petersburg Assessed Value
$154,590
Average Cass County Assessed Value
$72,645
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62675 | $103,884 | $150,000 | $154,590 | $158,385 | $183,414 |
Source: Ownwell
Property Tax Bills Across Petersburg, Illinois
In Petersburg, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The assessment process considers various factors, including the property's size, location, and condition. Once the assessed value is determined, the local tax rate is applied to calculate the annual tax bill. Homeowners in Petersburg can expect a range of property tax bills. For instance, the 25th percentile tax bill is $3,378, while the 75th percentile reaches $3,593, and the 90th percentile is as high as $4,234. These figures illustrate how property taxes can vary significantly within the community. The median home price in Petersburg is $154,590, which helps contextualize these tax bills. Compared to the national median property tax rate of 0.99%, homeowners in Petersburg face relatively higher property taxes. This can impact household budgets and the overall cost of homeownership, making it crucial for residents to understand how their tax bills are determined and managed.
Average Petersburg Tax Bill
$3,496
Average Cass County Tax Bill
$1,681
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Petersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62675 | $2,198 | $3,378 | $3,496 | $3,593 | $4,234 |
Source: Ownwell