Penfield, Illinois Property Taxes
The median property tax rate in Penfield, IL is 2.12%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Penfield, the typical annual property tax bill reaches $2,237, slightly below the national median of $2,690. Property taxes in Penfield 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 Penfield'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 Penfield or another part of Champaign County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Penfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$2,301
$2,135
Ownwell’s Penfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Penfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penfield 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 Penfield, Illinois
Property taxes in Penfield, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Penfield is 2.12%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Penfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penfield 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. For comparison, the 61862 zip code has the highest median property tax rate of 2.12%, while also having the lowest median tax rate of 2.12%. Understanding how these cities compare with Penfield provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Penfield Tax Rate
2.12%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penfield, 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, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Penfield, IL. 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 Champaign 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 Penfield, 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 Penfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the region are both $2,237, found in zip code 61862.
Average Penfield Assessed Value
$108,525
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Penfield, 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, Illinois
In Penfield, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is periodically evaluated by local assessors. For instance, a median home price in Penfield is $108,525. Various factors such as property size, location, and market conditions influence this assessed value. Homeowners in Penfield can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $1,233, while at the 75th percentile, they rise to approximately $3,729. For those at the 90th percentile, the tax bill can be as high as $6,133. Comparatively, the median property tax rate nationwide is 0.99%. The highest and lowest median tax bills in Penfield both stand at $2,237, indicating a consistent tax rate across different properties. This variability in tax bills can significantly impact homeowners' annual expenses, making it crucial to understand how these taxes are calculated.
Average Penfield Tax Bill
$2,237
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Penfield, 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