Penfield, Champaign County, Illinois Property Taxes

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

Median Penfield, IL effective property tax rate: 2.12%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Penfield, IL home value: $108,525
Median annual Penfield, IL tax bill: $2,237, $163 lower than the national median property tax bill of $2,400.

How are property taxes in Champaign County calculated?

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

Last Updated March 1, 2025

Penfield, Champaign County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.12%

Estimate Property Tax Bill

$2,301

$2,135

Ownwell’s Penfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Penfield with just two data points. By entering your property's estimated assessed value, our calculator applies Penfield’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 Champaign County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Penfield, Champaign County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Penfield’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

In Penfield, located in Champaign County, residents experience a property tax rate that is significantly higher than the national median of 1.02%. This reflects the broader trend in Illinois, where property tax rates are among the highest in the nation. Such rates are indicative of the local government's budgetary needs and the value placed on public services. Despite the high rates, residents benefit from well-funded public services, which can enhance community living standards. Understanding these dynamics is crucial for property owners, as it underscores the importance of property tax appeals and exemptions to potentially reduce tax liabilities.

Property Tax Rates Across Penfield, Champaign County, Illinois

Source: Ownwell

1.72%

2.45%

3.17%

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 Penfield Taxx Rate

2.12%

Median Effective Champaign County Taxx Rate

2.54%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Penfield, Champaign County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61862	1.40%	1.82%	2.12%	2.41%	2.45%

Source: Ownwell

Property Tax Assessment Values Across Penfield, Champaign County, Illinois

When examining property taxes in Penfield, IL, 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 Champaign County Assessor's Office 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 Champaign 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 Penfield.

For example, the median home price in Penfield is $108,525, with tax bills ranging significantly across the county. Zip code 61862 has the highest median home price at $108,525.

Property Tax Assessment Values Across Penfield, Champaign County, Illinois

Source: Ownwell

$64,275

$153,698

$243,120

Median Penfield Market Value

$108,525

Median Champaign County Market Value

$152,850

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Penfield, Champaign County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61862	$39,747	$73,590	$108,525	$182,438	$267,129

Source: Ownwell

Property Tax Bills Across Penfield, Champaign County, Illinois

In Penfield, located in Champaign County, IL, property tax bills are calculated based on the assessed value of a home. The local tax rate is then applied to this assessed value, determining the annual tax bill for homeowners. With a median home price of $108,525, Penfield's property tax bills can vary significantly, ranging from $1,233 at the 25th percentile to $6,133 at the 90th percentile. This variation is influenced by factors such as property location within the county and the specific services funded by the taxes, like schools and infrastructure. Compared to the national median property tax bill of $2,400, Penfield's taxes can be either a financial relief or a burden, depending on where a property falls within this range. Homeowners looking to reduce their property tax burden can turn to Ownwell for assistance. By leveraging their expertise in property tax appeal and exemption services, Ownwell helps homeowners potentially lower their tax bills, ensuring they pay only what is fair and necessary.

Property Tax Bills Across Penfield, Champaign County, Illinois

Source: Ownwell

$1,191

$3,485

$5,778

Median Penfield Tax Bill

$2,237

Median Champaign County Tax Bill

$3,816

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Penfield, Champaign County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61862	$593	$1,233	$2,237	$3,729	$6,133

Source: Ownwell